ITAT justified revisional proceedings as AO failed to examine genuineness of loan taken by assessee

INCOME TAX: Where Assessing Officer failed to examine application of section 56(2)(vii)(b) to purchase agreements entered into by asseessee and also failed to examine genuineness of loan taken by assessee, order passed by Assessing Officer without conducting proper investigation and without proper application of mind being an erroneous order, revision proceedings initiated by Principal Commissioner under section 263 were justified

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