Revisionary proceedings u/s 263 exercised only based on facts verifiable from records is unjustified

Mukesh Kumar Agarwalla Vs PCIT (ITAT Kolkata)

ITAT Kolkata held that exercising revisionary proceedings u/s. 263 of the Income Tax Act purely on facts which are verifiable from records of the assessee is not justifiable and hence liable to be quashed.

Facts-

The assessee is the owner of warehouses at Khanapara, Guwahati and has executed works contract during the period under consideration. Case of the assessee was selected for scrutiny.<

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