PCIT order passed without verification of factual material is unsustainable

Ashish Gupta Vs PCIT (ITAT Delhi) ITAT Delhi held that order of the ld. PCIT passed in haste without verification of factual material, as amount alleged was in Crores as against actual transactions in Lakhs, is unsustainable. Facts- In the present case, the ld. PCIT, Central-2 issued show cause as per the provisions of Section 263 of the Income Tax Act, 1961 to the assessee on 28.03.2018 (Wednesday) and passed the order on 31.03.2018 (Saturday). The ld. PCIT assumed that the Assessing Officer completed the assessment without proper examination and verification of transactions of the assessee w...