https://www.taxtmi.com/caselaws?id=372143 ITAT allowed the assessee's appeal, set aside and quashed the Pr. CIT order under s.263, and held that the reassessment order framed under ss.147/148 was invalid for lack of independent application of mind by the AO. Because the reassessment itself was bad in law, it could not be revised under s.263. The tribunal noted the AO had examined seized material, issued summons under s.133(6), accepted creditor credits as genuine on available evidence, and therefore declined to decide merits. en-us Mon, 10 Dec 2018 00:00:00 +0530 Sat, 20 Sep 2025 11:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372143 ITAT allowed the assessee's appeal, set aside and quashed the Pr. CIT order under s.263, and held that the reassessment order framed under ss.147/148 was invalid for lack of independent application of mind by the AO. Because the reassessment itself was bad in law, it could not be revised under s.263. The tribunal noted the AO had examined seized material, issued summons under s.133(6), accepted creditor credits as genuine on available evidence, and therefore declined to decide merits. Case-Laws Income Tax Mon, 10 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372143