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 electronically on 12.03.2018 declaring total income of Rs.6,86,240/-. The case of the assessee was selected for scrutiny assess...