GST Insight Portal Mismatch Alone Cannot Justify Section 263 Revision

Advertisement NJ India Invest Private Limited Vs PCIT (ITAT Surat) In a decision concerning revisionary powers under Section 263 of the Income-tax Act, the Income Tax Appellate Tribunal quashed the order passed by the Principal Commissioner of Income Tax against the assessee for Assessment Year 2021-22. The assessee-company, engaged in the business of acting as a broker, sub-broker, and distributor of financial products, had filed its return declaring total income of Rs.2,05,54,38,900/-. The case was selected for complete scrutiny under CASS on the allegation that substantial purchases were...