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TMI Blog2023 (4) TMI 1308X X X X Extracts X X X X X X X X Extracts X X X X ..... . The assessee has raised the following substantial questions of law for consideration:- i) Whether, the Learned Tribunal was justified in law in not quashing the order passed under Section 263 by the PCIT-2, Kolkata when the initiation of revisionary proceedings under section 263 was done on the basis of proposal from the A.O. ? ii) Whether, on the facts and in the circumstances of the case, the Learned Tribunal was justified in upholding the order passed under section 263 of the PCIT-2, Kolkata when the A.O. had passed the assessment order after due verification/enquiry on the issue which were under consideration by the Learned Commissioner in revisionary proceedings? iii) Whether, on the facts and in the circumstances of the case, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssing officer and verified with the books of accounts and the heard copies of the ITR and audited accounts and thereafter, the assessment was completed. From the notice issued under Section 142(1) of the Act dated 16.08.2017, it is seen that as many as 21 particulars/documents were called upon to be produced by the assessee of which the document/observations in item No. 20-21 are relevant for the purpose of this case, they being (i) large increase in investment in unlisted equities during the year and (ii) low income in comparison to very high investment. 4. It is seen that first issue on which the information was called for by the assessing officer has not been taken as a ground by the PCIT while assuming jurisdiction under Section 263 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntial. Though the Tribunal has knowledge of those facts as also the order sheet maintained by the assessing officer which records that on 19.09.2017 the authorised representative of the assessee had appeared and produced the books of accounts, bills vouchers etc and they were test checked and the case was discussed with the authorised representative of the assessee. If that be so, it could not have been stated that there was any lack of enquiry on the part of the assessing officer. That apart, the Tribunal also admits that a paper book containing 124 pages of documents were also placed. Thus it is a case where the assessing officer had raised specific query and the case was discussed with the authorised representative of the assessee and th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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