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2022 (9) TMI 818 - AT - Income TaxRevision u/s 263 by CIT - As per the CIT, AO has not recorded the findings on the share premium received by the assessee in the impugned assessment year - since the AO has not examined the issue of share premium, the order is considered to be erroneous to the interest of the revenue - HELD THAT:- From the assessment order passed u/s 143(3) of the Act, we observe that there is no finding recorded by the AO or any discussion on the share premium received by the assessee during the A.Y.2015-16. CIT, being the revisional authority considered the order of the AO as erroneous and prejudicial to the interest of revenue. As the AO has not verified or made any enquiries with respect to share premium received by the assessee company, we are of the considered view that the order passed by the Pr.CIT u/s 263 of the Act, considering the order passed by the AO u/s 143(3) of the Act as erroneous is in accordance with the provisions u/s 263 and hence the order of the Ld.Pr.CIT needs no interference. Accordingly, we uphold the order of the Ld.Pr.CIT and dismiss the grounds raised by the assessee.
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