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2023 (4) TMI 66 - HC - Income TaxRevision u/s 263 by CIT - unexplained cash credit u/s 68 - Tribunal set aside the order passed under Section 263 and remanded the matter back to the PCIT for a fresh decision - While the matter was pending, AO completed the assessment pursuant to the search and seizure operation u/s 153A r.w.s. 143(3) - HELD THAT:- As decided in S.M. Oil Extraction Pvt. Ltd. [1990 (10) TMI 33 - CALCUTTA HIGH COURT] wherein it was held that the Commissioner is entitled for the purpose of exercising his revisional jurisdiction to look into the whole evidence. The Court explained the expression “record” as used in Section 263 of the Act to be comprehensive enough to include the whole record of evidence on which the original assessment order was based. As held that where any proceeding is initiated in the course of assessment proceedings, having a relevant and material bearing on the assessment to be made and the result of such proceedings was not available with the ITO before the completion of the assessment but the result came subsequently, the revising authority (PCIT) is entitled to look into the search material as it forms part of the assessment records of the particular assessment year. The finding rendered by Tribunal was perfectly justified as in our opinion the PCIT could not have ignored the order passed u/s 153A as being immaterial and irrelevant. Tribunal not stopping with that has also examined as to the exercise undertaken by the AO while completing the assessment u/s 153A and found that the entire records were examined and no adverse inference was drawn against the assessee. Tribunal rightly granted relief to the assessee and the order does not call for any interference. Substantial questions of law are answered against the revenue.
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