Section 263 revision quashable if assessee duly produced all necessary details: HC

PCIT Vs Sandip Kumar Tekriwal HUF (Calcutta High Court) The short question involved in these appeals is whether the Principal Commissioner of Income Tax – 10, Kolkata [PCIT] could have exercised his powers under section 263 of the Act. In our considered view, the tribunal has elaborately examined this issue, taken note of the decision of the Hon’ble Supreme Court in Malabar Industrial Co. Ltd. vs. CIT [2000] 243 ITR 83 [SC] and allowed the appeal. Further, the tribunal has noted that the assessing officer had made an addition of 2% to the gross profit over and above the rate of gross profi...