AdvertisementCupid Diamonds Private Limited Vs PCIT (ITAT Mumbai)ITAT Mumbai: Section 263 Revision Quashed as AO Had Examined Purchases and Issue Was Pending in AppealThe assessee, engaged in manufacturing and trading laboratory-grown cut and polished diamonds, filed its return for A.Y. Accordingly, the ITAT held that the PCIT erred in invoking Section 263 and set aside the revision order, thereby allowing the assessee’s appeal. In view of the above, he concluded that the assessment order passed under section 143(3) r.w.s. We find that as per the assessment order, the AO has discussed all the relevant facts of the above purchases and the details submitted. Thus, we notice that a detailed enquiry is evident from the assessment order.