Order passed without application of mind or making requisite inquiries requires revision

IN THE ITAT HYDERABAD BENCH ‘A’ Sun Minerals Versus Additional Commissioner of Income-tax IT APPEAL NO. 741 (HYD.) OF 2012 [ASSESSMENT YEAR 2007-08] OCTOBER 19, 2012 ORDER Chandra Poojari, Accountant Member This appeal by the assessee is directed against the order of the CIT-III, Hyderabad dated 27.3.2012 passed u/s. 263 of Income-tax Act, 1961 for assessment year 2007-08. 2. The assessee raised the ground that the CIT erred in assuming jurisdiction u/s. 263 of the Act thereby directing the Assessing Officer to disallow payment of Rs. 4,18,80,995 incurred towards c...