PCIT cannot expand scope of assessment beyond reasons recorded by AO during reassessment

Rajmoti Road Movers Vs PCIT (ITAT Rajkot) The case of Rajmoti Road Movers Vs PCIT before the Income Tax Appellate Tribunal (ITAT) Rajkot presents significant insights into the interpretation of ledger accounts by the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income Tax Act, 1961.  Background of the Case Rajmoti Road Movers, a partnership firm engaged in the transportation of goods, initially filed its return of income for the assessment year 2012-13, declaring an income of ₹2,53,12,550. The income underwent scrutiny under Section 143(2) of the Act, and the AO est...