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Revision Fails: PCIT Cannot Invoke 263 Without Making the Very Enquiry He Says AO Missed
Case Law Details
- Case Name
- Vikram Sudhir Khurana Vs PCIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Ahmedabad
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Vikram Sudhir Khurana Vs PCIT (ITAT Ahmedabad)
Revision Fails: PCIT Cannot Invoke 263 Without Making the Very Enquiry He Says AO Missed
Assessee purchased shares of WIRPPL worth ₹2.76 crore. Reassessment was triggered by Insight-P1 flag. AO issued detailed notices, examined source of investments, verified EPF withdrawal of ₹47.33 lakh, scrutinised nine bank credits, obtained PAN & confirmations of five lenders, checked bank statements, demat evidence & ledger accounts. After considering all materials, AO accepted the returned income.
PCIT invoked s.263 alleging AO ...
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