Reassessment Found Erroneous for Not Applying Checkmate Law—Revision Justified

Advertisement Bhargab Engineering Works Vs PCIT (ITAT Kolkata) AO’s Non-Application of the Checkmate Ruling on Late PF/ESI Renders Reassessment Unsustainable — ITAT Upholds PCIT’s Section 263 as “Erroneous and Prejudicial to Revenue” The Tribunal delivered a decisive blow to the assessee’s challenge, holding that the ld. PCIT rightly invoked Section 263 to revise the reassessment u/s 147 r.w.s. 143(3) dated 30.03.2023, which stood “erroneous in so far as it was prejudicial to the interests of the revenue.” The assessee’s argument that the 263 order was time-barred fell fla...