Revision u/s 263: Non-Disclosure of Share Applications and Premiums Leads to Erroneous Assessment Order by AO.

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....Revision u/s 263 - undisclosed of share application and share premium - the failure of AO to examine the above facts during the assessment proceedings the assessment order is not only erroneous but prejudicial to the interest of the Revenue. Thus, the twin conditions of the provisions of section 263 is fulfilled. - AT....