Principal CIT Corrects AO's Oversight on Cash Payments for Electricity, Ensures Compliance with Section 40A(3) and 263.

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....Revision u/s 263 by CIT - assessee had paid a sum towards electricity charges in cash which are dis-allowable u/s 40A(3) - during the course of assessment proceedings, the AO did not verify certain details which in our view should have been done in order to assess the correct taxable income of the assessee. Accordingly, in a considered view, the Principal CIT has not erred in law and facts in setting aside the assessment order under s. 263 of the Act since the same is erroneous and prejudicial to the interests of the revenue. - AT....