Assessment Order Set Aside for Ignoring Valid Revised Return Filed Within Time

Tripura State Electricity Corporation Limited Vs PCIT (Tripura High Court) In this case, the Tripura High Court considered an appeal filed under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT) relating to the assessment year 2013–2014. The appellant, engaged in the business of sale and distribution of electricity, had filed its original return of income on 26.09.2013 declaring a loss. The case was selected for scrutiny and notice under Section 143(2) was issued on 04.09.2014. During the pendency of the assessment proceedings, the appella...