There has been a spate of S.263 proceedings in Kolkata against investment companies raising share capital and assessments done by the A.Os have been set aside for re-doing. As many as 400-plus S. 263 orders are under challenge before ITAT, Kolkata in respect of A.Y :2008-2009 and many more such orders have been challenged for subsequent years. First order on one such case has been passed on 14 th August,2014 holding S. 263 proceedings valid on account of lack of proper enquiry by the A.O.
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