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2020 (1) TMI 1150 - HC - Income TaxRevision u/s 263 - AO did not verify the reasons for sales of land at low rates , AO did not bring to tax unaccounted cashfound during survey AND AO also failed to verify the applicability of section 45(2) - Tribunal took the view that the CIT was not justified in invoking jurisdiction under section 263 - HELD THAT:- Assessee had disclosed in his return of income the aforesaid amount of ₹ 6.85 lakhs. At the end of the assessment, the said amount was taxed by the Assessing Officer under the head of “income from other sources”. Therefore, it was held by the Tribunal that the Commissioner of the Income Tax was not justified in treating the said amount as part of undisclosed income and assuming jurisdiction under section 263 when it was disclosed and assessed. As regards applicability of section 45 (2), Tribunal noticed that Commissioner of Income Tax had accepted applicability of the said provision and therefore, it was held that there is no error in the order of the Assessing Officer. Tribunal further held that inquiry was made by the Assessing Officer into disclosures made during the course of the assessment proceedings by the assessee. When the issue was enquired into by the Assessing Officer, the Commissioner ought not to have invoked jurisdiction under section 263 of the Act. Impugned order passed by the Tribunal does not suffer from any error or infirmity to warrant interference. No question of law, muchless any substantial question of law, arises from the said order.
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