AO cannot Review his Own Order by invoking Sec 147 of Income Tax Act

DCIT Vs. M/s. ABCI Infrastructure Pvt. Ltd. (ITAT Kolkata)

AO had the knowledge of the assessee taking over the proprietary concern on 01.04.2002 i.e. running business of M/s. Anupam Bricks and Concrete Industries a proprietorship firm of Shri Budhmal Baid, Managing Director of the company in lieu of which the company had issued shares at a premium and the fact that by this process, the assessee acquired the assets including a Hot Mix plant. This fact was in the knowledge of the AO as well as he has considered

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