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2023 (6) TMI 919 - AT - Income TaxRevision u/s 263 - assessment order framed u/s 143(3) r.w.s 147 as erroneous and prejudicial to the interest of the revenue - HELD THAT:- Assessment was reopened and reasons for reopening the assessment mentioned elsewhere were thoroughly scrutinised and examined by the AO while framing the impugned assessment order. Therefore, the observations of the PCIT that AO passed assessment order without conducting proper enquiry/verifying the facts is baseless and deserves to be set aside. By 'erroneous' is meant contrary to law. Thus, this power cannot be exercised unless the Commissioner is able to establish that the order of the AO is erroneous and prejudicial to the interest of the Revenue. Where there are two possible views and the AO has taken one of the possible views, no action to exercise powers of revision can arise, nor can revisional power be exercised for directing a fuller enquiry to find out if the view taken is erroneous. This power of revision can be exercised only where no enquiry, as required under the law, is done. It is not open to enquire in case of inadequate inquiry. Our view is fortified by the decision of CIT vs. Nirav Modi [2016 (6) TMI 1004 - BOMBAY HIGH COURT]. We set aside the order of the PCIT and restore that of the Assessing Officer framed under section 143(3)/147. Decided in favour of assessee.
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