Assessee is engaged in business of financing and trading in shares, filed return declaring operating loss. During assessment proceeding, AO recorded that he had examined D-mat account in order to verify share trading activities sale, purchase and closing stocks were also examined Revision order passed by the CIT is quashed by the Tribunal on the ground that the show cause notice was issued by the CIT, without examining the assessment records. On appeal by the revenue   the Court held that the AO had applied his mind while accepting assessee-company’s claim of operating loss, which was a possible view, there was no basis to invoke S. 263 to revise assessment order on ground that books of account and transaction accounts of share trading carried out by assessee vis-a-vis D-mat accounts had not been examined by AO (AY. 2011-12)