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2007 (11) TMI 326 - AT - Income TaxExtract: .......oneous order and revenue loss is not the sole criteria for exercising the powers under section 263 of the Act. In our opinion, the CIT has exceeded his powers as order passed by the Assessing Officer is not erroneous. We, therefore, cancel the order passed by the CIT under section 263 of the Act. 16. In the result, the assessee s appeal is allowed.
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