Section 263 Revision Invalid as PCIT Acted Without Independent Application of Mind

PCIT Vs Britannia Industries Ltd (Calcutta High Court) The appeal before the Calcutta High Court arose from an order of the Income Tax Appellate Tribunal (ITAT) concerning assessment year 2018–19, where the Principal Commissioner of Income Tax (PCIT) had invoked revisionary jurisdiction under section 263 of the Income Tax Act, 1961. The central question was whether the PCIT was justified in setting aside the assessment order on the grounds that it was erroneous and prejudicial to the interests of the Revenue, particularly in relation to the applicability of section 56(2)(x) on acquisition of...