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). Assessee’s Stand: The payments were made to...