Section 263 proceedings Valid for Cryptic Reassessment Order: ITAT Mumbai

Starshine Land Developers Private Ltd. Vs PCIT (ITAT Mumbai) ITAT Mumbai held that PCIT is empowered to issue a show- cause notice and pass a revision order u/s. 263 of the Act when reassessment order passed by AO was quite cryptic. Accordingly, order of PCIT upheld and appeal of assessee dismissed. Facts- The only ground of appeal raised herein is that Principal Commissioner of Income Tax erred in invoking provisions of section 263 of the Income Tax Act on the ground that AO has not conducted inquiries/verification which ought to have been made. The appellant pleaded that the relevant inquiri...