AMIT KEDIA,SIRSA vs. PCIT, ROHTAK

We have heard the rival contentions and perused the material brought on record in the form of papers documents filed by the Assessee. In the paper book, the Assessee has produced all the documents relating to even those firms which the Ld. PCIT has claimed to have not been verified by the Assessing Officer. The ld. Counsel for the Assessee submitted before us that all those papers were field before the authorities below. We have considered the findings given by the Ld. PCIT in his order passed u/s 263 of the Act and we have also considered the arguments and documents filed by the ld. Counsel for the Assessee. We are of this considered

Keeping in view the discussion in forging paragraphs, we are of this considered view that action of the Ld. PCIT in initiating proceeding u/s 263 and passing order is not in accordance with the provisions of the Income tax Act, therefore, such action of the Ld. PCIT cannot be sustained. Accordingly, Assessee’s appeal on this issue is allowed.

In the result, Assessee’s appeal is allowed.