https://www.taxtmi.com/caselaws?id=220099 ITAT upheld the CIT's exercise of revisional jurisdiction under s.263, finding the AO's s.143(3) assessment was erroneous for want of application of mind and failure to examine material issues (including alleged diversion of borrowed funds to investments and advance treatment under s.2(47)). The assessment was set aside as non-speaking and arbitrary; the CIT's cancellation and direction to the AO to pass a fresh, properly examined order was sustained. Decision adverse to the assessee. en-us Fri, 19 Oct 2012 00:00:00 +0530 Mon, 22 Sep 2025 11:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220099 ITAT upheld the CIT's exercise of revisional jurisdiction under s.263, finding the AO's s.143(3) assessment was erroneous for want of application of mind and failure to examine material issues (including alleged diversion of borrowed funds to investments and advance treatment under s.2(47)). The assessment was set aside as non-speaking and arbitrary; the CIT's cancellation and direction to the AO to pass a fresh, properly examined order was sustained. Decision adverse to the assessee. Case-Laws Income Tax Fri, 19 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220099