Once basis of addition is not sustainable than direction for further enquiry U/s. 263 not sustainable

Mukand Sumi Metal Processing Limited Vs PCIT (ITAT Mumbai)

Provisions of section 56(2)(viib) invoked in the notice u/s. 263 by the ld. CIT is not applicable to the assessee company. As the assessee company was falling under section 2(18) of the Income Tax Act, 1961 being a company in which public are substantially interested. This fact has subsequently been duly accepted by the learned CIT- himself in the aforesaid order. Despite that he has held that assessing officer has not made detailed enquiry on the valuation of sh

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