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2023 (4) TMI 1048 - AT - Income TaxRevision u/s 263 - forward contract receivable shown under short term loans and advances - HELD THAT:- As the assessment order passed u/s 143(3) r.w.s. 92CA is not correct. The issue is such a complicated and it needs detailed verification with regard to the accounting standard followed by the assessee, the law applicable to the subject matter, etc. By considering the decision of Woodward Governor India P. Ltd. [2009 (4) TMI 4 - SUPREME COURT] PCIT was of the opinion that the method followed by the assessee was inconsistence, any difference, loss or gain arising on conversion of the liability at the closing rate, should be recognised in P&L account for the reporting period. AO, without examining, simply accepted the explanation of the assessee, which is erroneous and prejudicial to the interest of the Revenue. That apart, the ld. PCIT, directed the AO to verify and pass the assessment order afresh in accordance with law after affording an opportunity to the assessee. Thus, we find no reason to interfere with the order passed by the ld. PCIT. Decided against assessee.
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