PCIT’s Revision Without Quantifying Revenue Loss Unjustified: ITAT Mumbai

A & J Associates Vs PCIT (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has set aside a revisional order issued by the Principal Commissioner of Income Tax (PCIT) against A & J Associates for the Assessment Year 2015-16. The tribunal ruled that the Assessing Officer’s (AO) original assessment was not erroneous or prejudicial to the interests of the revenue, a prerequisite for invoking the revisional powers under Section 263 of the Income Tax Act, 1961. The case arose after the PCIT reviewed the assessment order passed by the AO under Section 143(3) and iden...