Revision order by CIT invalid if AO taken a possible view that transactions were genuine

Hill Queen Investment (P) Ltd. Vs PCIT (ITAT Kolkata) In this case issue is whether the ld. Pr. CIT is correct in invoking his powers u/s 263 of the Act. In our considered view, the Assessing Officer has called for and verified all the details and documents in connection to the purchase and sale of the shares in question and after examining the same, has taken a possible view that the transactions are genuine. This is not a case of non verification or no application of mind. This is not an order passed without making enquiries or verification, which should have been made. In fact, a number of ...