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2016 (12) TMI 1242 - ITAT MUMBAIRevision u/s 263 - non deduction of tds u/s 194C - addition of contract payments under section 40(a)(ia) of the Act on which the assessee did not deduct any tax at source - Held that:- AO has considered the issue of non deduction of Tax at source on the payment to sub-contractors and other defects in the books of account such as non maintenance of proper record bills and vouchers and ultimately assessing the income at the rate of 8% which in our opinion takes care of all other issues like agricultural income and loan from wife. The case of the assessee also covered by the decision in the case of Malabar Industries Co.Ltd (2000 (2) TMI 10 - SUPREME Court) in which it has been held that when the AO has taken a plausible view which is in favour of the assessee and the CIT cannot take recourse of the revisionary powers u/s 263 to disturb the already completed assessment. From the facts as discussed above, we find that the case of the assessee squarely covered by the ratio laid down in the aforesaid decision. Therefore, we respectfully following the said decision set aside the order of Commissioner passed u/s 263 of the Act. - Decided in favour of assessee
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