ITAT Quashes Section 263 Revision Because PCIT Raised New Issues Beyond SCN

KPA Apparels Private Limited Vs ITO (ITAT Delhi) In this case, the assessee challenged the revisionary order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income Tax Act for Assessment Year 2020-21. The original assessment had been completed under Section 143(3), wherein the Assessing Officer (AO) accepted the loss declared by the assessee after examining the information and documents furnished during scrutiny proceedings. The revision proceedings were initiated based on a revenue audit objection alleging violation of Sections 269SS and 269T of the Act. It ...