https://www.taxtmi.com/highlights?id=61545 Revision u/s 263 by CIT - Applicability of section 56(2)(vii)(b)(ii) has to be considered by reading the provision as a whole and in the context of various exceptions provided in the provisos to the said provision. This can be done through a proper and complete enquiry being done by the assessing officer. The assessing officer cannot act independently if he is circumscribed by various observations of learned PCIT on merits. - AT en-us Thu, 20 Jan 2022 12:48:29 +0530 Thu, 20 Jan 2022 12:48:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=61545 Revision u/s 263 by CIT - Applicability of section 56(2)(vii)(b)(ii) has to be considered by reading the provision as a whole and in the context of various exceptions provided in the provisos to the said provision. This can be done through a proper and complete enquiry being done by the assessing officer. The assessing officer cannot act independently if he is circumscribed by various observations of learned PCIT on merits. - AT Highlights Income Tax Thu, 20 Jan 2022 12:48:29 +0530 https://www.taxtmi.com/highlights?id=61545