Revision Under Section 263 Invalid Because AO’s Order Was Not Prejudicial to Revenue

Adani Green Technology Limited Vs PCIT (ITAT Ahmedabad) The appeal was filed by the assessee against the order of the Principal Commissioner of Income Tax (PCIT), Ahmedabad-1, passed under section 263 of the Income-tax Act, 1961 for Assessment Year 2018–19. The dispute concerned the PCIT’s action in revising the assessment order passed by the Assessing Officer (AO) under section 143(3) read with sections 143(3A) and 143(3B) of the Act. During review of the assessment records, the PCIT observed that the assessee had made substantial investments in shares and securities that could potentiall...