Order u/s. 263 not sustained since arguments or submissions of assessee not considered: ITAT Ahmedabad

Gujarat Power Corporation Ltd. Vs PCIT (ITAT Ahmedabad) ITAT Ahmedabad held that order passed u/s. 263 of the Income Tax Act is liable to be set aside since PCIT failed to consider or deal with any arguments or submission filed by the assessee. Facts- PCIT observed that the assessee company made investment in listed and unlisted equity shares for Rs. 197,74,06,788/- and earned exempt income of Rs. 1,42,39,767/- from share of profit and debited an amount of Rs. 1,00,000/- as expenses related to exempt income. On perusal of assessment order the PCIT observed that the AO made disallowance under S...