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2018 (2) TMI 259 - AT - Income TaxRevision u/s 263 - disallowing interest of total interest claimed u/s 24(b) - Held that:- Funds were totally explained by the assessee during the assessment proceedings before the Assessing Officer and the same fact was stated before the CIT as well as while giving objection to 263 notice. The order passed by the Commissioner in capacity of Section 263 is merely a second opinion and does not fall in the category of prejudicial to the interest of Revenue. The assessee has already offered tax on the rental income. Assessing Officer has properly verified all the facts. Though on the surface the Assessing Officer’s order may look short of lines but it is passed with due diligence and there is no need to invoking Section 263 power by the Commissioner. Assessing Officer has taken cognizance of all the material provided by the Assessee during the Assessment Proceedings and after verifying the same has passed just and proper order. Therefore, in light of the above findings, the order of the Commissioner u/s 263 of the Act is set aside. - Decided against revenue
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