Revisionary order u/s 263 unsustainable as transaction accepted by AO post due application of mind

Satvir Kaur Vs PCIT (ITAT Amritsar) ITAT Amritsar held that revisionary order under section 263 of the Income Tax Act unsustainable as AO accepted the deal of sale of agriculture land with a conscious and independent application of mind. Facts- The case was reopened on the reasons that the assessee had deposited cash of Rs. 60,00,000 in her saving bank account maintained with the Oriental Bank of Commerce during the financial year 2010-11 and that no voluntary return has been filed for the year under consideration. Thus, it was incumbent on the Assessing Officer to examine and inquire into the...