No Fresh Assessment if Section 263 Order Quashed: ITAT Ahmedabad Rejects Rs. 7.87 Cr Addition

DCIT Vs Rayon Reality Private Ltd (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has dismissed an appeal filed by the Deputy Commissioner of Income Tax (DCIT) against Rayon Reality Private Ltd. The tribunal upheld the decision of the National Faceless Appeal Centre (NFAC), which had deleted a significant addition of Rs. 7,87,38,346 related to depreciation on a Wind Mill for the Assessment Year (A.Y.) 2015-16. The dispute originated from a revisional order passed by the Principal Commissioner of Income Tax (PCIT), Ahmedabad-3, under Section 263 of the Income Tax Act...