Revision u/s. 263 based on audit objections justified as no verification done by AO

PCIT Vs Kirti Anand (Punjab and Haryana High Court)

Punjab and Haryana High Court held that revisionary proceedings under section 263 of the Income Tax Act on the basis of audit objections raised by audit party justifiable since there was no verification done by AO during assessment proceedings.

Facts- The revenue assails the order passed by ITAT dated 14.10.2015, whereby the appeal filed by the assessee was allowed and order passed by CIT-II, Chandigarh dated 21.03.2013, was set aside and the order of assessment passed by the Assessing Officer dated 16.12.2

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