No Second Guessing AO’s Judgment – ITAT Nullifies PCIT’s 263 Revision as Overreach

Kanaiya Food Products Vs. PCIT (ITAT Rajkot)

No Second Guessing AO’s Judgment – ITAT Nullifies PCIT’s 263 Revision as Overreach- PCIT’s 263 Order Quashed – AO’s Enquiry on Cash Payments Found Adequate

Assessee, a partnership firm engaged in manufacturing Urad Papad, filed appeal against revision order u/s 263 passed by PCIT, who held that the reassessment order u/s 147 r.w.s. 144B (dated 24.03.2022) was erroneous & prejudicial to Revenue because AO failed to disallow cash payments of ₹42.92 lakh allegedly violating Section 40A(3).

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