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2015 (5) TMI 121 - HC - Income TaxRevision u/s 263 - a complete consideration of the record would reveal that the expenditures claimed were in respect of payments made to related party transactions which had not been taken into consideration at the original assessment stage - Held that:- CIT's order does not address the appellant's objections both as to the assumption of jurisdiction as well as the merits. As is evident from the operative portion of the CIT's order itself, the merits were remitted for consideration to the AO. However, as regards the assessee's objections against the Show Cause Notice under Section 263 was concerned, there are no findings. Given these facts, the ITAT's order upholding assumption of jurisdiction could not have been made. In that sense, the assessee is correct in contending that the remand on the question of deciding objections had been rendered academic. Thus the impugned order is modified; it is open to the assessee to contend both on the correctness and legality of assumption of jurisdiction as well as the merits of the items sought to be taxed in the revisional proceedings - Decided in favour of assessee.
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