Sec 263 Revision Quashed as PCIT Failed to Conduct Independent Enquiry: ITAT Amritsar

Late Shri Sucha Singh Vs PCIT (ITAT Amritsar) Sec 263 Revision Quashed – Reopening Without Tangible Material Invalid & PCIT Failed to Conduct Independent Enquiry – ITAT Amritsar The assessee challenged revisionary order u/s 263 relating to reassessment framed on alleged investment in immovable property of ₹76.50 lakh. ITAT noted that reopening itself was initiated merely on AIR information without any supporting purchase deed or tangible material in possession of the AO at the time of recording reasons, rendering reassessment proceedings legally unsustainable. The Tribunal further he...