Revision u/s. 263 for non-verification of notional interest not justified as it is taxable only on maturity

AVON Cycles Ltd. Vs PCIT (ITAT Chandigarh) ITAT Chandigarh held that initiation of revisionary proceeding under section 263 of the Income Tax Act for non-verification of notional interest cannot be justified since notional interest is not liable to be taxed in current year but is taxable only upon maturity hence there cannot be any evasion of tax. Facts- The assessee is a limited company engaged in the manufacturing of cycles. Post completion of assessment, PCIT issued show cause notice mainly on issues like discrepancy in Professional/Technical fees (Rs. 2.84 Cr not claimed in P&L); outs...