https://www.taxtmi.com/highlights?id=73119 Validity of Revision u/s 263 - PCIT was of the view that the cash withdrawn was utilised to purchase inventory - if the AO did not bring to tax the amount which was adverted to in the “reason to believe” framed in the first instance, then the PCIT could not have triggered proceedings for cash withdrawals u/s 263 of the Act. - HC en-us Mon, 20 Nov 2023 08:27:56 +0530 Mon, 20 Nov 2023 08:27:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=73119 Validity of Revision u/s 263 - PCIT was of the view that the cash withdrawn was utilised to purchase inventory - if the AO did not bring to tax the amount which was adverted to in the “reason to believe” framed in the first instance, then the PCIT could not have triggered proceedings for cash withdrawals u/s 263 of the Act. - HC Highlights Income Tax Mon, 20 Nov 2023 08:27:56 +0530 https://www.taxtmi.com/highlights?id=73119