AO not examined computation of book profits: Section 263 Revocation Justified

KEC International Limited Vs DCIT (Bombay High Court) Bombay High Court in KEC International Limited Vs DCIT examined the revisional powers conferred on the Commissioner of Income Tax (CIT) under Section 263 of the Income Tax Act. The key issue was whether the original assessment order under Section 143(3) was erroneous and prejudicial to the interests of revenue. The Court also evaluated whether the CIT’s revisional order provided conclusive findings on the computation of book profits under Section 115J, thereby permitting the assessee to contest the issue on merits in appellate proceed...