No section 263 revision by PCIT based on borrowed satisfaction

Grasim Industries Ltd. Vs PCIT (ITAT Mumbai) Conclusion: Since the revision proceedings u/s 263 had been apparently triggered only based on borrowed satisfaction i.e Audit Objection and not based on independent application of mind by PCIT therefore, the revision order passed by PCIT u/s 263 was hereby directed to be quashed. Held: Assessee had filed its original return of income which was later revised declaring total income of Rs. 283,15,81,630/- under normal provisions of the Act and Rs. 411,70,32,063/- u/s 115JB. AO completed the assessment u/s 143(3) determining total income at Rs 366,01,2...