Twin Conditions of Section 263 Not Met, Revision Order Set Aside

Makson Pharma Ceuticals (India) Private Limited Vs PCIT (ITAT Ahmedabad) Second opinion not allowed under 263: ITAT Ahmedabad quashes PCIT revision on depreciation, 14A & CSR-80G Ahmedabad   ITAT allowed the Assessee’s appeal and quashed the revision order passed u/s 263, holding that the PCIT had merely substituted his own view for that of the Assessing Officer, which is impermissible in law. The PCIT had set aside the assessment u/s 143(3) r.w.s. 144B alleging lack of enquiry on four issues—(i) excess depreciation on residential building, (ii) excess depreciation on plant &...