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2018 (2) TMI 1142 - AT - Income TaxRevision u/s 263 - allowability of land development expenses - Held that:- Proper enquiries have been made by the Assessing Officer while accepting the claim of the assessee. Enquiries have also been made u/s. 133(6} of the Act and the details filed by the assessee have not been accepted summarily by the Assessing Officer. Thus, due application of mind was made and pursuant to the enquiries made, claim of the assessee was accepted by the Assessing Officer after fully satisfying that the land development expenses are genuine.- Decided in favour of assessee Addition u/s 14A - Held that:- During the course of the assessment proceedings, specific query was raised by the Assessing Officer as to why the interest was not received on the loans given to the related parties and also as to why disallowance of interest should not be made u/s. 14A. In response to the said query, vide letter dated 28.11.2014, the assessee filed detailed explanation on the aforesaid issue duly supported by judicial precedents. Thus the issue with respect to the claim of interest expenditure had been thoroughly examined by the Assessing Officer by calling for the specific details and the explanations on the issue involved - the revision proceedings u/s. 263 of the Act even with respect to the interest expenditure directing the AO to re-examine the same is incorrect and unjustified. - Decided in favour of assessee
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