Revisionary Proceedings U/S 263 Justified as AO not verified Unsecured Loan: ITAT Mumbai

Ten Construction (India) Private Limited Vs PCIT (ITAT Mumbai) ITAT Mumbai held that invocation of revisionary proceeding u/s. 263 justified as AO was fully ignorant about verification of unsecure loan and addition of 10% unsecured loan by AO was baseless hence assessment order turned out to be erroneous and prejudicial to the interest of revenue. Facts- The assessment was completed u/s. 143(3) with the addition under different heads. Thereafter, PCIT issued the notice u/s. 263 for verification of unsecured loans amount to Rs.15,49,26,364/-. By assuming the charge of revision, PCIT issued the ...