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PCIT Rightly Invokes Section 263 for Revising Assessment Order Over Unverified Bogus Purchase Transactions.
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....Revision u/s 263 - bogus purchases - the assessment order does not indicate that AO had examined the genuineness of the purchase transaction in the light of the audited accounts of the assessee. The amount was shown to have been outstanding goes unverified and the assessment order is silent on this aspect. - PCIT rightly assumed jurisdiction....