Passing of revisionary order u/s. 263 without giving adequate opportunity of being heard unsustainable: ITAT Ahmedabad

Akash Petroleum Private Limited Vs PCIT (ITAT Ahmedabad) ITAT Ahmedabad held that passing of revisionary order by PCIT u/s. 263 of the Income Tax Act without giving proper and adequate opportunity of being heard to the assessee is liable to be set aside. Thus, matter restored back to the file of PCIT to pass fresh revisionary order. Facts- The present appeal has been filed by the assessee before Income Tax Appellate Tribunal, Ahmedabad Division Bench, Ahmedabad has arisen from the Revisionary Order passed by ld. Principal Commissioner of Income Tax , Ahmedabad holding that the assessment order...