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2022 (9) TMI 231 - AT - Income TaxRevision u/s 263 by CIT - unexplained cash credit u/s 68 - HELD THAT:- The assessee during the assessment proceeding has given all the details and further clarified that the refund from the Government of EPCG claim was received in subsequent years. AO has specifically asked the assessee during assessment proceeding to explain with supporting documents regarding EPCG claim of receivable in assessee’s assets and its treatment given by assessee in its income expenditure/Profit & Loss account. It is on record that the assessee has given the details related to this claim as the said claim is in respect of government incentive and assessee already offered said income for taxation. It is pertinent to note that the analogy given by PCIT while directing the Assessing Officer, the PCIT has failed to appreciate that the treatment given by the Assessing Officer to EPCG claim in the present assessment year depends on the refund which is actually received in subsequent year. Thus, this clearly amounts to change of opinion which is not permissible under the provisions of Section 263. PCIT cannot say that the Assessing Officer has not verified this claim and thus this amounts to prejudice to the interest of Revenue. The appeal of the assessee allowed.
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