Revision order u/s. 263 passed in name of non-existent entity cannot be sustained: ITAT Ahmedabad

Adani Power Ltd Vs PCIT (ITAT Ahmedabad) ITAT Ahmedabad held that revisionary order passed under section 263 of the Income Tax Act in the name of non-existent entity (amalgamated company) is liable to be quashed. Accordingly, the appeal of the assessee is allowed. Facts- PCIT observed that on examination of assessment records, it was noticed that assessee had debited a sum of Rs. 1.47 crores on account of CSR activities in the Profit & Loss Account. However, as perused of the computation of income filed by the assessee, Ld. PCIT observed that only an amount of Rs. 47,80,840/- was added bac...