Revision u/s 263 without recording a finding regarding escapement of income is unsustainable

Prabhakar Jha Vs PCIT (ITAT Kolkata)

ITAT Kolkata held that invocation of revisionary power u/s 263 of the Income Tax Act without pointing out the error committed by AO and without recording a finding regarding escapement of income is unsustainable in law.

Facts- The assessee at the relevant time was running a Petrol Pump in the name and style of ‘Kuldeep Service Station’. It was engaged in purchase and sale of petroleum products. He has filed its return of income elec

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