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2018 (10) TMI 1588 - AT - Income TaxRevision u/s 263 - proof of AO's order to be erroneous and prejudicial to the interest of the Revenue - Held that:- Orders which are passed without inquiry or investigation are treated as erroneous and prejudicial to the interest of the Revenue, but which are passed after inquiry/investigation on the question/issue are not per se are normally treated as erroneous and prejudicial to the interest of the Revenue. Because, the Revisionary Authority feels and opines that further inquiry/investigation was required or deeper or further scrutiny should be undertaken, the same cannot be initiated without following the proper provisions u/s 263 of the Act. In the present case the Assessing Officer has made all the inquiries and after verifying the documents/ material on record passed a reasoned Assessment Order. Therefore, the Commissioner does not have any locus standi to make further inquiry. Therefore, order u/s 263 of the Act in present appeal is not justified and is set aside herewith - Decided in favour of assessee
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