Section 263 proceeding based on mere audit objections without independent assessment invalid

Pinkcity Jewelhouse Pvt. Ltd. Vs PCIT (ITAT Jaipur)

In the realm of tax disputes and legal battles, the case of Pinkcity Jewelhouse Pvt. Ltd. vs. PCIT (ITAT Jaipur) stands out as a notable example of the intricate web of tax laws and procedural intricacies. The case, heard by the Income Tax Appellate Tribunal (ITAT) in Jaipur, revolves around the assessment of income tax and the validity of proceedings initiated under Section 263 of the Income-tax Act.

The crux of the matter lies in the as

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