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ITAT Allows PCIT to Exercise Revisionary Power Due to AO’s Oversight on Scrap Sales
Case Law Details
- Case Name
- Sushil Industries Vs PCIT (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
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Sushil Industries Vs PCIT (ITAT Pune)
Introduction: The case of Sushil Industries Vs PCIT presented before ITAT Pune pivots on a crucial issue regarding the non-consideration of the sale of scrap by the Assessing Officer (AO). The AO’s oversight led the ld. Pr.CIT to exercise revisionary powers under section 263 of the Income-tax Act, 1961, terming the initial assessment as erroneous and prejudicial to the interests of the Revenue.
Analysis: Sushil Industries, in its line of business, deals with manufacturing plastic injection moulded and MS press parts for appliances. Upon revising thei...
