https://www.taxtmi.com/highlights?id=60406 Revision u/s 263 by CIT - Reopening of assessment u/s 147 initiated - PCIT has resorted to the revision proceedings u/s. 263 of the Act in a mechanical manner on the basis of the proposal of the Ld. AO. It has not been pointed out as to what error has been committed by the Ld. AO in accepting the explanation/evidences so furnished by the assessee in the process of verifying the nature of transactions. Even the CBDT's Circular cited by the Ld. PCIT in his order, in fact, comes to the support the assessee. - AT en-us Tue, 09 Nov 2021 08:31:43 +0530 Tue, 09 Nov 2021 08:31:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=60406 Revision u/s 263 by CIT - Reopening of assessment u/s 147 initiated - PCIT has resorted to the revision proceedings u/s. 263 of the Act in a mechanical manner on the basis of the proposal of the Ld. AO. It has not been pointed out as to what error has been committed by the Ld. AO in accepting the explanation/evidences so furnished by the assessee in the process of verifying the nature of transactions. Even the CBDT's Circular cited by the Ld. PCIT in his order, in fact, comes to the support the assessee. - AT Highlights Income Tax Tue, 09 Nov 2021 08:31:43 +0530 https://www.taxtmi.com/highlights?id=60406