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2023 (8) TMI 673 - AT - Income TaxRevision u/s 263 - non-initiation of penalty u/s 271B - HELD THAT:- We find that submissions of assessee in this regard are cogent. The case laws cited duly establish that no issue of satisfaction by the AO is required for initiating this penalty. Hence, this plank of revision is not sustainable and we set aside the order of Pr.CIT in this regard. Non-disallowance of loss on sale of tower - It is duly emanating that this aspect was raised on the basis of audit objection. The case laws cited by assessee duly establish that revisionary power u/s 263 cannot be initiated on the basis of audit objection. Hence, we set aside the order passed by the ld. Pr.CIT on this issue. Disallowance of statutory dues not paid before the due date of return - We find that ld. Counsel has fairly conceded that he will not be contesting this aspect. Hence, revision order is sustained on this issue. Appeal filed by the assessee is partly allowed.
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