Section 263 can be invoked if Assessment was completed without proper inquiry

Kute Sons Dairys Ltd Vs PCIT (ITAT Ahmedabad) The appellant, Kute Sons Dairys Ltd, a company engaged in manufacturing and trading dairy products, was assessed by the Assistant Commissioner of Income Tax, who accepted their returned income for the assessment year 2017-18. However, upon review, the ld. PCIT identified certain errors and deemed the assessment order as erroneous and prejudicial to the interests of Revenue. This led to the initiation of revision u/s 263, despite protests from the appellant who claimed the initiation to be unjust, citing reasons such as violation of Princi...