Section 263 Order unsustainable as AO allowed claim after due application of mind

Advertisement ETA Star Infopark Vs PCIT (ITAT Bangalore) ITAT Bangalore held that AO allowed the claim of assessee after due application of mind and on proper consideration of the material available on record. Therefore, the order of Ld. CIT passed u/s 263 of the Act cannot be sustained. Facts- Prior to issuing the aforesaid notice u/s 133C of the Act, the learned Income Tax Officer had telephonically called the appellant to furnish copies of the Joint Development Agreement, relevant Power of Attorneys executed in favour of the Developer and also copies of Partnership Deed for his verificat...