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2000 (10) TMI 180 - AT - Income TaxExtract: .......tries and we hold that the transactions were genuine and they were examined by the AO. Therefore, there was no necessity for initiating the proceedings by the CIT under s. 263. Accordingly, we set aside the order of the CIT passed under s. 263 and restore the original order passed by the AO. 16. In the result, the appeal of the assessee is allowed.
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