ITAT set-aside PCIT order as Allegation of under Statement of Revenue was Baseless  

Masani Engineering Company Pvt Ltd Vs PCIT (ITAT Mumbai) In a significant ruling, the Income Tax Appellate Tribunal (ITAT) in Mumbai has set aside an order by the Principal Commissioner of Income Tax (PCIT), against Masani Engineering Company Pvt Ltd. This decision pertains to the assessment year 2018-2019 and involves allegations of understatement of revenue in the Profit and Loss account. We delve into the intricate details of the case, the grounds for the appeal, and the ultimate ruling by ITAT. Background of the Case Masani Engineering Company Pvt Ltd had filed its income tax returns for t...