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TMI Blog2022 (3) TMI 1447X X X X Extracts X X X X X X X X Extracts X X X X ..... t appears from the records. The words of Section 263 of the Act are if he considers that any order passed by the AO is erroneous in so far as it is prejudicial to the interest of Revenue . There is no question of making a prima facie view in the revision order. The error has to be specific. Also the issue raised by the Pr.CIT in the present case being a highly debatable issue the same cannot be considered as an issue which is erroneous or prejudicial to the interest of Revenue. Consequently, as the AO has taken one of the possible views it is not susceptible to the provision of revision under section 263 of the Act. The order passed under Section 263 stands quashed. Appeal filed by the assessee is allowed. - ITA No. 286/Coch/2020 - - - D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 63 of the Act wherein in para 7 of his order the Pr. CIT had held as under: - It appears from the records that the Assessing Officer had not conducted a proper enquiry or verification whether the transfer of capital assets was a residential house or not, and investment made in the new house property whether it qualifies for claiming exemption u/s 54 as required in that section. The Assessing Officer has failed to do necessary enquiry/ verification, which should have been made while allowing the claim u/s 54 of the Income Tax Act. It was the submission that thus the issue raised by the Principal CIT was not one of any error in the assessment order, much less an order prejudicial to the interest of Revenue. It was also submitted th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not been done. In fact the wordings used by the Pr. CIT are it appears from the records. The words of Section 263 of the Act are if he considers that any order passed by the Assessing Officer is erroneous in so far as it is prejudicial to the interest of Revenue . There is no question of making a prima facie view in the revision order. The error has to be specific. Also the issue raised by the Pr.CIT in the present case being a highly debatable issue the same cannot be considered as an issue which is erroneous or prejudicial to the interest of Revenue. Consequently, as the AO has taken one of the possible views it is not susceptible to the provision of revision under section 263 of the Act. The order passed under Section 263 stands quashe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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