2013 (10) TMI 977 - ITAT MUMBAI - Income Tax

Head Note / Extract:
Review u/s 263 after income escaping assessment done u/s 147 of the Income Tax Act – Held that:- Action u/s 263 is justified as the action the AO in droppings the proceedings initiated u/s 147 and accepting the returned income during the year under consideration is erroneous and prejudicial to the interest of the Revenue – AO has been directed to make a fresh assessment u/s 143(3) read with section 263 on the impugned additions/disallowances made/enhanced by the Ld.CIT(A) keeping in view of the scope of reassessment proceedings and after giving a reasonable opportunity of being heard to the assessee.