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2024 (4) TMI 491 - AT - Income TaxRevision u/s 263 by CIT - cash deposit in the bank questioned - assessment in this case was completed u/s 143(3) r.w.s 147 - HELD THAT:- As relying on SHRI PARAMJIT SINGH VERSUS THE P.C.I.T., ROHTAK [2023 (12) TMI 1292 - ITAT DELHI] for exercise of power u/s 263 of the Act, it is mandatory that the order passed by the Assessing Officer should be erroneous and prejudicial to the interest of the Revenue. In the present case, the Assessing Officer did not make any addition for the reasons recorded at the time of issue of notice u/s 148 of the Act. This position is not disputed and disturbed by the Commissioner of Income Tax in his order u/s 263 of the Act. Sequitur is that the AO could not have made an addition on account of share application money in the assessment proceedings u/s 147/148. Accordingly, the assessment order is not erroneous. Thus, the Commissioner of Income Tax could not have exercised jurisdiction under Section 263 - Decided in favour of assessee.
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