Assessment Order Deemed Erroneous u/s 263 for AO's Initial Oversight; Revision Order Upheld to Protect Revenue Interests.

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....Revision u/s 263 - when in the threshold itself, the AO has failed to do his duty in conducting and verifying the issues involved, then in such situation, explanation 2(a) to sec. 263 as clearly stated as a deeming provision that such an assessment order passed shall be deemed to be erroneous insofar as it is prejudicial to the interest of the Revenue shall apply. - Revision order sustained - AT....