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2023 (1) TMI 1118 - AT - Income TaxRevision u/s 263 by CIT - advance written off under the head ‘cost of land’ - PCIT noticed that the AO did not call for any details with regard to the amount written off and the assessee did not furnish any evidence with regard to the advances received towards purchase of land and the reasons for write off - HELD THAT:- In the case under consideration the PCIT has exercised the revisionary powers u/s. 263 of the Act since he has noticed that the assessee has written off an amount as advance written off towards cost of land and there is nothing available on record to show that the AO had made any enquiries in this regard which is required to be done. We are therefore, of the considered view that the AO has not conducted the verification that “should have been conducted” during the course of assessment proceedings. Respectfully following the decision of jurisdictional High Court in the case of Infosys Technologies Ltd. [2012 (1) TMI 76 - KARNATAKA HIGH COURT] and case of Gee Vee Enterprises [1974 (10) TMI 29 - DELHI HIGH COURT] we hold that the PCIT was justified in assuming the jurisdiction u/s 263 of the Act by setting aside the assessment order. We therefore modify the order passed u/s.263 with a direction to the AO to examine the issue afresh and decide the allowability in accordance with law. Appeal by the assessee is dismissed.
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