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2023 (5) TMI 419 - HC - Income TaxRevision u/s 263 - assumption of jurisdiction by the PCIT - Tribunal has held the initiation of revisional proceedings against the assessee is bad - HELD THAT:- It is seen that PCIT has exercised jurisdiction u/s 263 of the Act on the very same information furnished by the DDIT (Investigation) Unit 2 (2) - On perusal of the order passed by the PCIT in which the show cause notice issued u/s 263 has been extracted, the PCIT has not recorded any finding that he has reason to believe that income that is assessable to tax has escaped assessment. Tribunal was right in coming to the conclusion that the PCIT erred in exercising its jurisdiction. Our view is supported by the decision in the case of PCIT Vs. ANINDITA STEELS LIMITED [2022 (2) TMI 397 - CALCUTTA HIGH COURT] Appellant relied upon the decision of MALABAR INDUSTRIAL CO. LTD. Vs. COMMISSIONER OF INCOME TAX, KERALA STATE [2000 (2) TMI 10 - SUPREME COURT] The said decision would support the case of the respondent assessee and would lead us to affirm such an order. Thus, in the light of the factual aspect brought out by the Tribunal while granting relief to the assessee, we find no substantial questions of law, much less substantial questions of law arising for consideration in this appeal. Appeal dismissed.
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