Revision u/s. 263 quashed as enquiry already conducted during assessment: ITAT Ahmedabad

Mrugesh Jitendrabhai Shah Vs PCIT (ITAT Ahmedabad) ITAT Ahmedabad held that revisionary proceeding under section 263 of the Income Tax Act quashed since enquiry already conducted by AO during the course of assessment proceedings. Accordingly, appeal allowed. Facts- The assessee is an individual and is engaged in the business in the name of M/s. M. J. Marketing and is engaged in the business of share trading. For the impugned assessment year, the assessee filed return of income declaring total income of Rs. 2,28,870/-. Assessment order u/s. 147 of the Act was passed with an addition of Rs. 4,79...