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2024 (3) TMI 1010 - ITAT CHENNAIRevision u/s 263 - as per CIT AO has not examined increase in share capital - HELD THAT:- As gone through the entire facts and noticed that the PCIT while revising the assessment has simpliciter gone through the original balance sheet which is part of the assessment record. But the AO has never acted upon on the original balance sheet but he accepted the correct balance sheet filed during the course of assessment proceedings. We find that the assessee has admitted the new balance sheet and the differentials between the original and rectified balance sheet which are part of assessee’s paper-book. We noted that on merits also, the assessee has explained the differentials and hence, the assessment order is neither erroneous nor prejudicial to the interest of Revenue because of non-verification of assessment. AO has verified the complete details as it is evident from the assessee’s paper-book that the AO asked for the entire details and the assessee replied the same on various dates. In view of the above, we allow the appeal of assessee and quash the revision order passed by the PCIT. Appeal filed by the assessee is allowed.
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