Commissioner cannot assume jurisdiction u/s. 263 without recording the reasons

IN THE ITAT KOLKATA BENCH ‘A’ J. Thomas & Co. (P.) Ltd. Versus Joint Commissioner of Income-tax (OSD) IT Appeal No. 570 (Kol.) of 2012 [Assessment year 2007-08] OCTOBER 19, 2012 ORDER Pramod Kumar, Accountant Member By way of this appeal, the assessee-appellant has challenged correctness of learned Commissioner’s order dated 6th March, 2012, passed under section 263 r.w.s. 143(3) of the Income Tax Act, 1961, for the assessment year 2007-08 on the following grounds :-  1.  That on the facts and in the circumstances of the case and in law, the Learned Com...