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2016 (11) TMI 1310 - ITAT HYDERABADValidity of Revision orders u/s 263 - Held that:- The revisional authority ought to have made proper investigation and recorded appropriate conclusion to buttress his view that the order passed by the Assessing Officer is erroneous and prejudicial to the interests of the Revenue; He ought to have pointed out what more investigation is warranted in the facts and circumstances of the case. It may not be out of place to mention that the Pr. CIT passed a lackluster order while holding that the order of Assessing Officer is unsustainable without making any effort to investigate further. We have also noticed that the Assessing Officer had called for details with regard to the nature of investments, nature of business activity etc., and after applying his mind the assessment was completed. Such being the case, without any further material to prove to the contrary i.e., to highlight that it is in the nature of round-tripping activity or the investments into the shares of a sister concern are colourable the Ld. Commissioner, in our humble opinion, is not justified in holding that the order passed by the Assessing Officer is erroneous and prejudicial to the interests of the Revenue. We hold that the order passed by the Commissioner is bad in law and therefore, we quash and set aside the order passed by the Commissioner and allow the appeal filed by the assessee company.
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