If appeal is pending before CIT (A), exercise of section 263 jurisdiction by PCIT would be barred

R.M. Tradelink Vs PCIT (ITAT Rajkot) In our considered view, this is not a fit case for initiation of proceedings under 263 of the Act for the following reasons. Firstly, we observe that from the facts before us, simply because TCS has not been collected on certain purchases does not automatically imply that the said purchase is non-genuine/bogus. The counsel for the assessee has brought on record sufficient evidence to prove the genuineness of transactions so conducted with the seller. Secondly, we observe from the memo of appeal before CIT(Appeals) filed by the assessee against the original ...