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2019 (12) TMI 518 - ITAT MUMBAIReopening/revision of assessment - various expenses incurred/claimed by the assessee to arrive at net figure not correctly examined by AO - case of assessee is that the observations made by learned PCIT is of general nature without revealing any specific instance of lapse or non–enquiry by the Assessing Officer, and, the order passed under section 263 of the Act deserves to be quashed. HELD THAT:- On a perusal of the impugned assessment order, it is seen that the Assessing Officer has specifically stated that the requisite details called for as per the questionnaire were not only placed on record but were duly verified by him. He has also referred to assessee’s explanation and reconciliation of the AIR information/Form no.26A. Thus, as could be seen from the facts on record, the Assessing Officer in the course of assessment proceedings, has examined and enquired into the income shown by the assessee in the Profit & Loss Account and has also verified the details of expenditures claimed. The allegation of learned PCIT that the Assessing Officer has not made any enquiry on the issues referred to by him is without any basis and contrary to the facts and materials on record - Also, on a perusal of the impugned order of learned PCIT, it is noticed that he has not pointed out even a single defect or deficiency in the evidences filed by the assessee. Even, he has not dealt with a single item of expenditure, which according to him, is either non genuine or unreasonable - Thus, prima facie, it appears that learned PCIT has exercised his power under section 263 of the Act to initiate a roving and fishing enquiry without pointing out any specific error in the assessment order which made it erroneous and prejudicial to the interests of Revenue. The basic conditions of section 263 of the Act in the present case are not fulfilled - the order passed under section 263 of the Act is quashed - appeal allowed.
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