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2015 (10) TMI 2772 - AT - Income TaxValidity of proceedings u/s. 263 - HELD THAT:- We find the Hon’ble Madras High Court in the case of Sakti Charities [2000 (2) TMI 75 - MADRAS HIGH COURT] has held that revisional power is not meant to correct every error of fact. The power of revision should not be exercised for purpose of directing the AO to hold another investigation. When the order of the CIT does not indicate as to how the order of the ITO was erroneous and prejudicial to the interest of the revenue, the CIT lacks the jurisdiction to revise the order of the AO. Since the assessee in the instant case has furnished full details as called for by the AO during the course of assessment proceedings and since the order of the CIT is silent as to how the order of the AO is erroneous and prejudicial to the interest of the revenue, therefore, in view of the above decisions cited we are of the considered opinion that the Ld.CIT was not justified in setting aside the order passed u/s.143(3) r.w.s. 144C(13) of the I.T. Act by invoking the provisions of section 263. We, therefore, set aside the same. The grounds raised by the assessee are allowed.
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