MAT Credit Dispute: Section 263 notice not maintainable if exercise done by AO was not erroneous 

PCIT Vs Eastern Coalfields Ltd. (Calcutta High Court) In the case of PCIT vs Eastern Coalfields Ltd., the Calcutta High Court upheld the Income Tax Appellate Tribunal’s (ITAT) decision, which quashed the order passed under Section 263 of the Income Tax Act, 1961. The case revolved around the alleged erroneous assessment of Minimum Alternate Tax (MAT) credit and provisions for doubtful debts for the assessment year 2016-17. The Principal Commissioner of Income Tax (PCIT) had argued that the assessment order was erroneous and prejudicial to the revenue’s interests, claiming improper ...