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2016 (2) TMI 1232 - ITAT INDORERevision u/s 263 - difference of contract receipt as per TDS certificate and as per profit and loss account of the assessee - AO has passed the order u/s. 143(3) - case of the assessee was selected for scrutiny and notice u/s. 142(1) was issued to the assessee and the assessee was specifically asked to reconcile contract receipts shown in its books of account vis-`-vis that when in 26AS - HELD THAT:- We are of the view that in the instant case, CIT's revisional power is uncalled for and unjustified. We find that it is in the nature of reviewing the fishing inquiry. CIT proceeded on the assumption that no such information was furnished to him at the time of assessment order. Commissioner has mentioned that the AO has not examined the profit and loss account assuming so, this made the order erroneous, but it is not prejudicial to the interests of revenue. In the instant case, the AO has verified the reconciliation of statements and it is mentioned in paragraph 4 of the assessment order. AO has taken one of the possible views. Therefore, we allow the appeal of the assessee and we hold that the AO has applied his mind. Therefore, the impugned assessment order cannot be leveled as erroneous and prejudicial to the interests of the revenue under the ambit of provisions of Section 263 . The assessee's case is squarely covered by the decision of Malabar Industrial Co. Ltd. vs. CIT [2000 (2) TMI 10 - SUPREME COURT] - Decided in favour of assessee.
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