No revision on mere suspicion of likely escapement of income

Nitson & Amitsu Pvt. Ltd Vs ACIT (ITAT Kolkata)

Conclusion: Mere suspicion of likely escapement of income was not a ground for revision by invoking powers u/s 263 of the Act. Such an order was bad in law.

Held:  Assessee-company was in the business of trading as well as construction. It filed its return of income for the AY 2013-14. AO passed an order under section 143(3). CIT issued a show-cause notice proposing to revise the assessment order passed under sectio

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