https://www.taxtmi.com/caselaws?id=446861 The ITAT Kolkata allowed the assessee's appeal against the Pr. CIT's second revision u/s 263 regarding undisclosed share capital and share premium. The tribunal held that the AO had conducted proper enquiry and taken a plausible view based on examination of evidence from both assessee and subscribers. The revision was invalid as twin conditions under section 263 were not satisfied - the order was neither erroneous nor prejudicial to revenue interest. Additionally, revisionary jurisdiction cannot be exercised twice on the same issue, following precedents from Calcutta HC and SC decisions. en-us Fri, 08 Dec 2023 00:00:00 +0530 Tue, 12 Dec 2023 09:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446861 The ITAT Kolkata allowed the assessee's appeal against the Pr. CIT's second revision u/s 263 regarding undisclosed share capital and share premium. The tribunal held that the AO had conducted proper enquiry and taken a plausible view based on examination of evidence from both assessee and subscribers. The revision was invalid as twin conditions under section 263 were not satisfied - the order was neither erroneous nor prejudicial to revenue interest. Additionally, revisionary jurisdiction cannot be exercised twice on the same issue, following precedents from Calcutta HC and SC decisions. Case-Laws Income Tax Fri, 08 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446861