ITAT Rajkot Upholds Sec 263; Failure to Verify Share Capital Source of Source Makes Order Erroneous

Hollis Vitrified Pvt. Ltd. Vs PCIT (ITAT Rajkot) ITAT Rajkot Upholds Sec 263 Revision – Failure to Verify Share Capital Source of Source Makes Assessment Order Erroneous In Hollis Vitrified Pvt. Ltd. vs PCIT (AY 2018-19), the ITAT Rajkot dismissed the assessee’s appeal and upheld revisionary action u/s 263, holding that the original assessment was passed without proper enquiry into share capital, share premium and unsecured loans. The PCIT noticed that the company had received ₹10.15 crore from about 30 investors, many having very low declared income and insufficient financial capacity, ...