ORDER

Per Bench:

By way of this appeal, the assessee has challenged the correctness of the order dated 13.08.2019, passed by the Learned Principal Commissioner of Income-tax (in short “Ld PCIT”) under section 263 of the Income-tax Act, 1961 (hereinafter referred to as 'the Act'), for the assessment year 2016-17.

2 .Grievances raised by the assessee, which, being interconnected, will be taken up together, are as follows:

1.The order u/s. 263 of the Act is bad in law.

2.The Learned Pr. CIT has erred in law as well as on facts in not considering the submission of the appellant that the order passed by the AO u/s. 143(3) was either erroneous nor prejudicial to the interest of revenue and provisions of section 263 of the Act were not applicable to the case of the appellant.

3.The Learned Pr. CIT has erred in law as well as in facts in cancelling the assessment order passed by he AO u/s 143(3) and directing de-novo assessment regarding verification of fresh share capital, unsecured loan, trade creditors and claim of investments allowances u/s. 32AC of the Act.

3. Succinctly, the factual panorama of the case is that assessee before us is a private limited company and engaged in the business of m