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2008 (10) TMI 653 - AT - Income TaxChallenged the Order passes u/s 263 - erroneous and prejudicial to the interests of revenue - Profit and Loss - HELD THAT:- From the records, it is seen that the AO had called for several details from the assessee relating to aforesaid loss. The assessee had filed necessary details enclosing with letters dated 11-11-2005 and 10-2-2006. Along with letter dated 11-10-2005 the assessee had enclosed balance-sheet as on March 31,2003 and Profit and Loss account for the year ending 31-3-2003. While dealing u/s 263 of the Act, the learned CIT was of the view that as there were no details available regarding discontinued operation loss at ₹ 18,15,85,000/- he proceeded in the matter u/s 263. The issue relating to allowability of ₹ 10.67 crores has been discussed by the learned CIT(A) and the facts in that issue are also similar to the present issue which was subject matter of order u/s 263 passed by the learned CIT, Further, From the order of the learned CIT, It is seen that the learned CIT himself had occasion to deal with the entire facts and the details. We had occasion to go through the details filed by the assessee before the AO. We have also seen details of Wipro Net Division in the Profit and Loss Account for the period ending 31-3-2003 which was enclosed with Setter dated 11-11-2005 send by the assessee. Considering this factual matrix, we are of the view that the order passed by the AO is not erroneous and prejudicial to the interests of revenue as held by the learned CIT. We, therefore, quash the order of the learned CIT dated 26.9.2007 passed u/s 263 of the act. Thus, we restore the order of the AO on this issue. It is ordered accordingly. In the result, the appeal filed by the assessee is allowed.
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