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2022 (8) TMI 1067 - AT - Income TaxRevision u/s 263 by CIT - jurisdiction invoked merely on the basis of audit objection - Proof of independent application of mind by CIT - HELD THAT:- As in the instant case, merely because there is an Audit Objection, contention regarding the exercise of powers u/s 263 as invalid cannot be accepted. What is relevant to examine is whether there is a mechanical exercise of revisionary powers u/s 263 by the ld PCIT by merely citing the Audit Objection or there is due application of mind by him before exercise of such powers. In the instant case, impugned order wherein it was mentioned that the assessment records were called for by the ld PCIT and examined and thereafter on examination of the records, it was noted that the AO has not made proper and in depth enquiries and thereafter a show cause notice was issued by the Ld. Pr.CIT We therefore do not agree with the contention of the Ld. AR that there is non-application of mind on the part of the Ld. Pr.CIT and the jurisdiction u/s 263 of the Act has been invoked merely on the basis of audit objection. Rather, we find that the ld PCIT has taken into considered the entirety of material on record including audit objection as well as investigation report and thereafter, has considered it appropriate to exercise his revisionary jurisdiction u/s 263 as the perusal of such records prima facie demonstrated that the order so passed by the AO was erroneous as well as prejudicial to the interest of the Revenue. We therefore don’t agree with the contention so advanced by the ld AR in this regard. - Decided against assessee.
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