Revision proceedings u/s. 263 cannot be invoked without giving reasons for setting aside assessment order

Agarwals Health Care Limited Vs PCIT (ITAT Chennai) ITAT Chennai held that invoking the revisionary powers under section 263 of the Income Tax Act without giving any reasoning for setting aside the assessment order and merely directing AO verification without any basis is unjustifiable. Facts- The appeal of assessee is as against the revision order passed by the PCIT u/s.263 of the Act contesting that he failed to satisfy the twin conditions i.e., for order passes by the AO u/s.143(3) of the Income Tax Act, is erroneous insofar as prejudicial to the interest of Revenue, which is sine qua non t...