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2023 (2) TMI 962 - AT - Income TaxRevision u/s 263 - As per CIT did not make proper and adequate inquiries which he ought to have made - Deduction u/s 54F - CIT directing the ld. A.O to consider while framing the fresh assessment order the issue of exemption granted u/s 54F - HELD THAT:- AO has issued notice u/s 142(1) wherein AO has asked the details and documents in respect of the issue raised by ld PCIT in his 263 order, the assessee explained the nature of each properties before the AO. Those properties, which are using for commercial purposes, the assessee submitted rent agreement, Municipal tax receipt, electricity bill, and proper evidence to demonstrate that such properties have been using only for commercial purposes for a very long period. All these facts and evidences were before the AO. AO, as an adjudicator and investigator, has applied his mind and framed the assessment order, thus such order passed by the Assessing Officer is neither erroneous nor prejudicial to the interest of revenue. Since in the present case the PCIT has exercised jurisdiction u/s.263 of the Act on the ground that the Assessing Officer while completing the assessment proceeding did not make enquiries which he ought to have made. It is necessary to look into what enquiries the Assessing Officer made on the issues raised in the order u/s.263 of the Act. It is clear from the submissions and material available on record with regard to claim of assessee u/s 54F of the Act, that Assessing Officer got the details of the properties and examined the nature of properties and then framed the assessment order. In appropriate cases he made further inquiry also. A mere observation that no proper details have been obtained, cannot be sufficient to come to a conclusion that the Assessing Officer did not make proper and adequate inquiries which he ought to have made in the given facts and circumstances of this case. Appeal of the assessee is allowed.
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