ITAT Quashes 263 Order as PCIT Withheld Adverse Material & Ignored Evidence of Genuine Purchases

Page ContentsArdent Steels Private Limited Vs PCIT (ITAT Raipur) Ardent Steels Private Limited Vs PCIT (ITAT Raipur) ITAT Quashes 263 Order as PCIT Withheld Adverse Material & Ignored Evidence of Genuine Purchases Assessment for A.Y. 2020-21 was completed u/s 143(3) r.w.s. 144B making only a minor disallowance of cess. PCIT later invoked revision u/s 263 alleging that Assessee’s purchases of ₹3.94 crore from M/s B B Medicare Pvt. Ltd. were bogus, treating the supplier as a “shell company” based on a SEBI list & assuming its iron ore trading licence was suspended. PCIT held AO f...