Dismissing the appeal of the revenue the Court held that where the Tribunal quashed the revision proceedings under S. 263 on the ground that adequate enquiries were carried out by the AO in the original assessment proceedings, such view of the Tribunal being a reasonable view, does not call for an interference from the High Court.
PCIT v. Kesoram Industries Ltd. (2019) 181 DTR 236/109 taxmann.com 390 / 310 CTR 599/(2020)423 ITR 180 (Cal.)(HC)
S. 263 : Commissioner-Revision of orders prejudicial to revenue– Addition to fixed assets–Disallowance u/s. 14A of the Act-Enquiries done by the AO in the original assessment proceedings-Revision is held to be bad in law. [S. 14A, R. 8D]