Section 263 Revision Set Aside as AO Conducted Due Enquiry: P&H HC

CIT Vs Jain Uday Fabrics Pvt. Ltd (Punjab and Haryana High Court) The appeal arose from an assessment where the Assessing Officer (AO) initially passed an order dated 24.12.2007 under Section 145(3) of the Income Tax Act, 1961, rejecting the assessee’s books of account in the assessee’s absence. The assessee filed an application under Section 144A before the Joint Commissioner, who, by order dated 28.12.2007, directed the AO to complete the assessment on the basis of the books of account at the returned income. The AO thereafter passed a fresh assessment order dated 31.12.2007, making addi...