https://www.taxtmi.com/caselaws?id=313982 ITAT Kolkata allowed the assessee's appeal against CIT's revision order u/s 263 regarding share capital and premium transactions. The AO had conducted extensive enquiry including issuing notices u/s 133(6) to share applicants, obtaining documentary evidence, and recording statements of directors under oath. The Tribunal found that the AO's assessment was based on detailed examination of identity, creditworthiness, and genuineness of transactions, not on wrong figures or lack of evidence as alleged by CIT. Since the AO had already addressed all issues raised in the revision order through proper enquiry, the CIT's assumption of jurisdiction u/s 263 was unjustified. en-us Mon, 19 Jun 2023 00:00:00 +0530 Sat, 11 May 2024 08:33:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313982 ITAT Kolkata allowed the assessee's appeal against CIT's revision order u/s 263 regarding share capital and premium transactions. The AO had conducted extensive enquiry including issuing notices u/s 133(6) to share applicants, obtaining documentary evidence, and recording statements of directors under oath. The Tribunal found that the AO's assessment was based on detailed examination of identity, creditworthiness, and genuineness of transactions, not on wrong figures or lack of evidence as alleged by CIT. Since the AO had already addressed all issues raised in the revision order through proper enquiry, the CIT's assumption of jurisdiction u/s 263 was unjustified. Case-Laws Income Tax Mon, 19 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313982