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2023 (1) TMI 857 - ITAT DELHIRevision u/s 263 by CIT - Addition u/s 68 - as per CIT creditworthiness of unsecured loan not proved AND certain expenditure which were not examined during the assessment proceedings - HELD THAT:- A.O. had made enquiry by issuing questionnaires u/s 142(1) which has been replied by the assessee vide letter dated 07/03/2014. Therefore, in our opinion, the finding of the CIT(A) that the ‘Assessing Officer did not examine the facts of the case and thus, the assessment order passed by the A.O. is erroneous and prejudicial to the interest of the Revenue’ is erroneous and contrary to the facts. It is not in dispute that the case was transferred on 29/03/3014 to the A.O. who has passed the assessment order on 30/03/2014 and the A.O. had only one day time to pass the assessment order since the case was getting time barred on 31/03/2014. The said facts cannot be ground for the PCIT to excise power conferred u/s 263 of the Act. In the present case, the assessment proceedings admittedly started on 28/08/2012 and it went on till 18/03/2014 for a period of 16 months and the A.O. has issued questionnaires, which have been answered by the assessee. The main ground for entertaining u/s 263 is that, the Assessing Officer who passed the assessment order did not make any enquiry who received the file on 29/03/2014 and passed the order on the very next day. The assessment proceedings are a continuous one and we find that the A.O. had made enquiries vide letter dated 07/03/2014 and based on the reply given by the assessee the A.O. who has passed order has satisfied himself by accepting the return income of the assessee. We are of the opinion that the Ld.CIT (A) has committed an error in exercising power u/s 263. Assessee appeal allowed.
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