Initiation of revision proceedings u/s. 263 based on audit objection not tenable in law: ITAT Jaipur

Pinkcity Jewelhouse Pvt. Ltd. Vs PCIT (Central) (ITAT Jaipur) ITAT Jaipur held that exercise of revisionary power under section 263 of the Income Tax Act on the basis of audit objection is not tenable in law. Accordingly, initiation of proceedings liable to be quashed. Facts- The assessee company derives income from manufacturing and export of mainly gold and silver jewellery studded with precious, semi­precious stones and diamond from its unit situated in SEZ Unit, Sitapura and domestic Unit at Mahapura. While examining the books of account and details furnished by the assessee, it was notic...