Revisional jurisdiction u/s 263 duly invoked as AO failed to examine issue of purchase of land

Asad Fazlurrehman Kagdi Vs PCIT (ITAT Ahmedabad) ITAT Ahmedabad held that revisional power under section 263 of the Income Tax Act correctly invoked as AO failed to examine the issue of purchase of land in the light of provisions of section 56(2)(vii)(b) of the Income Tax Act. Facts- In the present case, the revisionary power was exercised By the Ld. PC/T was pertaining to the non-invocation by AO of Section 56(2)(vii)(b) of the Act to the transaction of immovable property, being land, purchased by the assessee as a co-owner along with other two persons. It was contended that the property was ...