In the result, the appeal filed by the assessee is partly allowed in above terms

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.348/Srt/2023 Assessment Year: (2018-19) (Physical Hearing) Harmony Yarns Private Vs. The Pcit-1, Limited, Surat Plot-65, 1St Floor Subhash Nagar Society, Ghod Dod Road, Nr. Ram Chowk, Surat – 395001. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaach5895F (Appellant) (Respondent) Appellant By Shri Rasesh Shah, Ca Respondent By Shri Airiju Jaikaran, Cit(Dr) Date Of Hearing 12/10/2023 23/11/2023 Date Of Pronouncement

Section 263 of the Income Tax Act and is required to be revised u/s 263 of the Act, 1961. Accordingly, ld. PCIT issued show cause notice bearing DIN No. ITBA/COM/F/17/2022- 23/1050992059(l) dated 20.03.2023 and was duly served upon the assessee, through e-proceedings and the assessee -company was provided an opportunity of being heard and to offer explanation