Consequential Section 143(3) r.w.s. 263 Assessment Invalid Once 263 Quashed: ITAT Mumbai

DCIT Vs Johnson & Johnson Private Limited (ITAT Mumbai) Consequential Assessment u/s 143(3) r.w.s. 263 Invalid Once PCIT’s 263 Order is Quashed; ITAT Mumbai Mumbai Tribunal has held that once a revision order passed u/s 263 is quashed, the consequential assessment framed by AO u/s 143(3) r.w.s. 263 automatically becomes invalid. Accordingly, the Revenue’s appeal was dismissed and the Assessee’s cross objection was allowed. Assessee, engaged in manufacturing operations through multiple undertakings, had claimed deduction u/s 80-IC in respect of its consumer division. PCIT, vide order ...