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2017 (2) TMI 864 - HC - Income TaxRevision u/s 263 - unsecured loans - Held that:- An obvious mistake had been made by the CIT while passing the order under Section 263 of the Income Tax Act. It has made a double addition, even though the AO has already added an income of two crores and ninety eight lakhs approximately for the year in question. The Tribunal has, therefore, come to the conclusion that there was no occasion for the CIT to pass order under Section 263 of the Act as it could not be said that while taking a view the AO had made an error or that it amounted to an error and consequently no loss or prejudice had been caused to the revenue. Having heard learned Counsels on both sides and having perused the material on record, we are of the opinion that the view taken by the Tribunal is justified in the facts and circumstances of the case. It is settled law that where two views are possible and the Income-tax Officer has taken one view with which the Commissioner does not agree, it cannot be treated as an erroneous or prejudicial to the interests of the revenue unless the view taken by the Income-tax Officer is unsustainable in law.- Decided in favour of the assessee
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