Revision u/s 263 without any Tangible Material is not Valid: Gujarat HC sets aside Proceedings against Axis Bank [Read Order]

Revision - Tangible Material - Material - Gujarat High Court - Proceedings - Axis Bank - Taxscan

The Gujarat High Court has held that the revision under section 263 of the Income Tax Act, 1961 without any tangible material is not valid and set aside the proceedings against Axis Bank. The petitioner is a private sector Bank and limited company and some of the shareholders are citizens of India. The petitioner Bank…

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