CIT cannot revise assessment order passed by AO without assigning any reason

CIT Vs Y.V. Subramaniam (Madras High Court) The Tribunal, while allowing the assessee’s appeal, observed that the assessment order was passed after making full verification and the order of the CIT is based on no reason and he has simply given an abrupt finding that the assessment order is erroneous insofar as it is prejudicial to the interest of the Revenue. Further, the Tribunal observed that complete details were filed in the form of confirmation letters before the Assessing Office and he has examined and investigated the same in its correct perspective. The Tribunal found no error in...