The Tribunal held that the PCIT is justified in revising the reassessment order passed by the AO with a direction to adjudicate a fresh the issue as regards the amount of USD 185 million claimed to have been received by the assessee as share application money after making necessary verifications. (AY. 2008-09)
ATC Telecom Tower (P) Ltd. v. PCIT (2018) 192 TTJ 16/ 169 DTR 265 (Mum.)(Trib.)
S. 263 : Commissioner – Revision of orders prejudicial to revenue -Share application money – Lack of proper inquiry-Revision is held to be valid .[ S.68, 147 ]