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ITAT Quashes 263 Order as PCIT Withheld Adverse Material & Ignored Evidence of Genuine Purchases
Case Law Details
- Case Name
- Ardent Steels Private Limited Vs PCIT (ITAT Raipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Raipur
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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...
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