Revision u/s. 263 based on audit objection impermissible: ITAT Chandigarh

Vaneet Gupta Vs ITO (ITAT Chandigarh) ITAT Chandigarh held that initiation of revisionary proceedings under section 263 of the Income Tax Act on the basis of audit objection is not permissible. Accordingly, order of PCIT quashed and appeal of assessee allowed. Facts- The assessee had not filed the return of income for the AY 2011-12, since the income was below the taxable limit. Notice u/s 148, dated 30.03.2018 was issued and the case of assessee was reopened u/s 148 on account of investment in the immovable property for Rs. 1.10 crore and cash deposit of Rs. 43,52,100/- in the saving bank acc...