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 section 143(3). It was held that Pr. CIT should have conducted enquiries and should have verified the accounts and other documents and...