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2018 (6) TMI 1052 - GUJARAT HIGH COURTRevision u/s 263 - Whether the order of AO is erroneous nor prejudicial to the interest of the revenue? - Held that:- The scope of the Commissioner's power of revision u/s 263 would be applicable, when the AO conducts no inquiry or improper inquiries or does not apply his mind to the legal issues arising out of the material on record - and if the AO has conducted proper inquiries and come to legal conclusions which are plausible, the Commissioner would not be justified in invoking revisional jurisdiction directing further inquiries or taking a different view AO had examined two issues - with respect to introduction of the capital, the assessee had pointed out that he was an NRI for over two years and he had made foreign remittances over a period of time. With respect to the unsecured loan of ₹ 3.87 crores received from his brother also, the assessee had provided necessary details which were called upon by the AO - thus for the inquiries carried out by the AO and the detailed answers given by the assessee - hence AO have carried out such detailed inquiries - thus it was not open for the Commissioner to thereafter reopen the issues on mere apprehension and surmises - Without any material without any basis, the CIT could not have remanded the proceedings to the AO to carry out further inquiries in order to ascertain whether the remittances were genuine or were in the nature of hawala transactions - His principle thrust was to the effect that assessee did not produce the precise bank details of the foreign remittances even before him. There is nothing on the record to suggest that he called upon the assessee to do so and the assessee failed or refused to do so - thus we find no error in the view of the Tribunal reversing view of the Commissioner - Decided in favor of assessee.
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