Section 263 Revision Quashed Due to Pending Appeal on Same Issue Before CIT(A)

Jignasa Atulkumar Shah Vs PCIT (ITAT Ahmedabad) The appeal before the Income Tax Appellate Tribunal (ITAT), Ahmedabad, concerned the validity of a revision order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income-tax Act, 1961 for Assessment Year 2018–19. The revision arose from a reassessment order passed under Sections 147 read with 144B. The assessee, an individual, had originally filed a return declaring income of ₹15,53,920. Based on departmental information, it was alleged that the assessee was a beneficiary of accommodation entries involving ma...