S. 263 CIT cannot set aside Assessment order passed after proper examination, inquiry & verification

Issue before tribunal: Whether CIT can assume jurisdiction u/s 263 on the facts and circumstances of the case. Whether order of the AO was erroneous and prejudicial to the revenue. Brief facts: A search and seizure operation was carried out in Mahesh Mehta group of cases. During the course of search certain documents belonging to the assessee were seized at the residential premises. On the basis of said documents so seized and after recording satisfaction, proceedings u/s 153C of the Act were initiated and the notice u/s 153C of the Act was issued. In response to the same, the assessee had ...