PCIT cannot act merely on AO’s Proposal without Independent Satisfaction

Kush Trading & Commerce Pvt. Ltd. Vs ITO (ITAT Kolkata) ITAT Kolkata quashes 263 Revision – PCIT cannot act merely on AO’s Proposal without Independent Satisfaction Assessee filed return on 30.09.2015, processed u/s 143(1). The case was selected under CASS & assessed u/s 143(3), accepting returned income. Subsequently, AO detected an “error” & moved proposal to PCIT for revision. PCIT, based solely on AO’s proposal, invoked revisionary jurisdiction u/s 263 holding the assessment “erroneous & prejudicial to Revenue” & directed de novo assessment. Assessee argue...