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2009 (2) TMI 431 - HC - Income TaxCommissioner – Revision - The main question for determination in these cases relate to the scope and ambit of the power of the Commissioner to exercise suo motu power of revision under section 263(1) of the Income-tax Act, 1961. Held that – the Assessing Officer was very much aware about the appraisal report indicating the assessee. Yet the material revealed through the appraisal report were not considered by the Assessing Officer, while finalizing the assessment, nor was the assessee confronted and given opportunity to rebut the finding of the appraisal report. The Assessing officer merely stated that some loose papers seized during the survey were not relevant for the period of assessment under consideration, without referring to the actual appraisal report or indicating any reason as to why the appraisal report was not to be considered. Under these circumstances, the Commissioner held that assessee had been finalized without reference of relevant material and therefore the assessment orders had been rightly held erroneously passed by the Commissioner and the reason indicated by the Commissioner were sufficient. The appraisal report was very much relevant for the purpose of making assessment and as such the interference by the Commissioner was justified.
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