Order passed u/s. 263 without considering submissions is non-speaking order

LIC Mutual Fund Asset Management Limited Vs DCIT (ITAT Mumbai) ITAT Mumbai held that passing of order under section 263 of the Income Tax Act by PCIT without considering submissions filed by the assessee amounts to non-speaking order. Accordingly, matter is remitted back to PCIT to consider the submissions and pass a speaking order. Facts- Post scrutiny assessment, the assessment records were called-for by the Ld. PCIT and it was noticed by the Ld. PCIT that certain accounting entries made and disclosure of income earned by the assessee for the impugned assessment year were indicative of error...