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2019 (1) TMI 1011 - AT - Income TaxRevision u/s 263 - bogus purchase and sales of shares - ground for revision is that the AO did not make any addition towards commission paid for arranging bogus capital gains - Held that:- It is worthwhile to note here that firstly no record or document is referred to by the PCIT to establish that the assessee had made any cash payment towards commission and secondly, a perusal of the assessment order reveals that the AO has made addition of the entire purchase value plus sale value totaling to ₹ 2,53,91,809/- to the total income of the assessee. It cannot be said that the AO has paid deaf ear to the aspect of commission which according to the PCIT, might have been paid by the assessee for arranging bogus capital gains. In such circumstances, for want of any whisper of commission payment in the assessment order, the said order may at the most be termed as erroneous, but it cannot be prejudicial to the interest of revenue particularly when the AO has added entire purchase value and sale value of shares declared to the income of the assessee as mentioned in assessment order. Unless both the conditions of assessment order being erroneous as well as prejudicial to the interest of Revenue are satisfied, PCIT was not justified to revise the said order u/s. 263 of the Act as held in several decisions cited by the assessee. No justification to sustain the impugned order. This order will not be an exemplar for other cases having different set of facts and will not be prejudicial to any other proceedings in the case of this assessee. - Decided in favour of assessee.
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