Tribunal held that if the order passed by the Assessing Officer in haste and without proper enquiry can be revised ,however PCIT can not conclude the issue and direct the Assessing Officer to decide it in a particular manner. Accordingly the ITAT modified the order of the PCIT and directed the AO to frame the assessment order as per the provisions of the Act after giving a reasonable opportunity of being herd . Followed CIT v. Shree Manjunathswara Packing ,Products & Camphore Works ( 1998) 231 ITR 53 (SC) , Rampyari Devi Sarogi v .CIT ( 1968) 67 ITR 84 (SC) ( ITA No. 2943 /Mum/ 2018 dt 13-1-2020 ) (AY. 2013-14)
Motilal Salecha HUF v. PCIT ( 2020) The Chamber’s Journal – April P. 127 (Mum) (Trib)
S. 263 : Commissioner – Revision of orders prejudicial to revenue – Penny stock- Capital gains- Order passed in haste and without proper enquiry can be revised – PCIT can not conclude the issue and direct the Assessing Officer to decide it in a particular manner [ S.45 ]