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2021 (5) TMI 484 - AT - Income TaxRevision u/s 263 - as per CIT AO has not conducted a proper inquiry with regard to the land development expenditure - HELD THAT:- Action under section 263 could be taken if twin conditions viz. impugned order should be erroneous, and it should be prejudicial to the interest of the Revenue. In the present case, when the assessee has not claimed any expenditure, then where is the prejudice to the Revenue; where is the loss to the Revenue. Veracity of such expenditure taken to the work-in-progress could be examined in the year when sales will be made. This plea has been specifically raised by the assessee before the ld.CIT, but the ld.CIT did not record any finding, even did not consider it. Hence, order of the ld.Pr.Commisisoner is not sustainable, it deserves to be quashed. Accordingly, appeal of the assessee is allowed
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