2018 (11) TMI 1958

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....tion 2 to section 263(1) without considering the fact that AO had passed the order u/s 143(3) r.w.s 147 after all the enquiries as deemed necessary and after appreciation of the entire factual matrix. 2. In the facts and in the circumstances of the case and in law, the Learned Pr. CIT-29 Mumbai has erred in invoking clause (d) of Explanation 2 to section 263(1) without considering that the facts of the case in N. K. Proteins ltd. Vrs. DCIT 2017 (84 taxmann.com 289) were entirely different from the facts of the case of the appellant. 2. The brief facts of the case are that the assessee is engaged in the business of trading in iron, steel and hardware supplier and filed its return of income for the year under consideration on 13.1....

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....position with regard to making purchases from different persons which is contained in para no. 4 to 5.7 of its order and made additions of Rs. 6,26,847/-. We further notice that Ld. CIT passed order u/s 263 of I.T. Act by holding that AO failed to examine the issue mentioned in the notice passed u/s 263 of the I.T. Act and hence to this extent, it was held that assessment order passed by AO is erroneous in so far as it is prejudicial to the interest of revenue, therefore order of assessment passed by AO is set aside. Ld. AR appearing on behalf of the assessee reiterated the same arguments as were raised before Ld. CIT and the same is mentioned in para no. 7 of the order of Ld. CIT. From the records, we found that completed assessment ....