https://www.taxtmi.com/caselaws?id=312407 ITAT Kolkata quashed CIT's revision proceedings under section 263 against reassessment order. The tribunal held reassessment proceedings were invalid as statutory notice under section 143(2) was not served to assessee, making revision proceedings legally untenable. Additionally, ITAT found AO conducted extensive inquiry into share capital and premium transactions, applied proper mind, and adopted permissible legal view supported by documentary evidence and judicial precedents. Since AO properly examined the issues, CIT lacked jurisdiction to revise on same grounds. Appeal allowed. en-us Mon, 01 May 2023 00:00:00 +0530 Thu, 15 Feb 2024 19:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312407 ITAT Kolkata quashed CIT's revision proceedings under section 263 against reassessment order. The tribunal held reassessment proceedings were invalid as statutory notice under section 143(2) was not served to assessee, making revision proceedings legally untenable. Additionally, ITAT found AO conducted extensive inquiry into share capital and premium transactions, applied proper mind, and adopted permissible legal view supported by documentary evidence and judicial precedents. Since AO properly examined the issues, CIT lacked jurisdiction to revise on same grounds. Appeal allowed. Case-Laws Income Tax Mon, 01 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312407