Section 263 Quashed: CIT Cannot Revisit Issues Already Examined by AO

Surat Vankaneri Momin Jamat Trust Vs CIT (ITAT Surat) Section 263 Quashed: Once AO Examines Source of Property Investment, CIT(E) Can’t Revisit the Issue Surat ITAT quashed the revisionary order passed u/s 263, holding that where the Assessing Officer has already examined the issue and taken a plausible view, the Commissioner cannot invoke Section 263 merely to conduct further verification or to substitute his own opinion. The Trust’s case was reopened u/s 147 on the basis of Form 26AS reflecting investment of ₹2.30 crore in immovable property. During assessment, AO verified the issue an...