ITAT Quashes PCIT’s Revisional Order for Failure to Fulfill Twin Conditions

Havells India Limited Vs PCIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, recently issued a landmark ruling in the case of Havells India Limited Vs Principal Commissioner of Income Tax (PCIT). The Tribunal set aside and quashed a revisional order from the PCIT, citing a failure to fulfill the twin conditions necessary for invoking revisional powers under Section 263 of the Income Tax Act, 1961. In this case, Havells India Limited argued that the dual prerequisites for applying Section 263 were not satisfied. Section 263 empowers the Principal Commissioner to revise an order p...