Lack of Query & Answer in Assessment Order Not Grounds for Revision if AO Satisfied

CIT Vs Vikas Polymers (Delhi High Court) The case of CIT vs. Vikas Polymers dealt with the revisional powers of the Commissioner of Income-tax (CIT) under Section 263 of the Income-tax Act, 1961. The primary question before the Delhi High Court was whether the Income-tax Appellate Tribunal (ITAT) was correct in holding that the invocation of Section 263 for the assessment year 1982-83 was not justified. The CIT had issued a notice to the assessee, citing the Income-tax Officer’s (ITO) failure to verify certain financial aspects, including partner capital contributions and unsecured loans...