Audit Objection not justifies Section 263 Re-examination: ITAT Ranchi

Utkal Automobiles Private Limited Vs ACIT (ITAT Ranchi) Audit Objection can’t justify revision – Re-examination not allowed under 263 Assessee, appealed against the revisionary order passed by PCIT u/s 263 dated 31.03.2025. PCIT had set aside the assessment completed u/s 143(3) by AO, directing re-examination of certain issues on the basis that the order was “prejudicial to the interests of Revenue.” Assessee contended that AO had already examined the issue in detail during scrutiny & even in 144A proceedings before the Additional CIT. The revision was merely triggered on the bas...