In the course of assessment proceedings detailed enquiries were made by the AO as regards genuineness of loans.  After considering the evidences the AO accepted the loans as genuine.  CIT revised the order and directed the AO to examine, call for requisite details, confirmations  examine them properly and relegated  the matter back to AO. Tribunal confirmed the order of the CIT. On appeal the Court held that the Commissioner has not brought any evidence showing that the  order of AO was   erroneous, as same was passed without application of mind or AO had made an incorrect assessment of fact or incorrect application of law, revisional order passed by CIT is held to be not valid. Accordingly the revision order was set aside.  (AY. 2007-08)