Section 263 Revision Untenable Without Proving Assessment Order’s Error & Revenue Prejudice

Nalanda Engicon Pvt. Ltd. Vs DCIT (ITAT Kolkata) Summary: In the case of Nalanda Engicon Pvt. Ltd. Vs DCIT (ITAT Kolkata), the ITAT Patna Bench quashed revisionary proceedings initiated under Section 263 of the Income Tax Act for the Assessment Years 2014-15 to 2021-22. The appeal arose from orders issued by the Principal Commissioner of Income Tax, which were deemed invalid. The court found that the assessing officer had conducted reasonable inquiries and had been granted prior approval under Section 153D, which limited the Pr. CIT’s ability to revise the assessment orders. The ITAT emp...