ITAT Allows PCIT to Exercise Revisionary Power Due to AO’s Oversight on Scrap Sales

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...