ITAT Chandigarh Quashes Revisionary Order for Failure to Show Error or Prejudice

Rico Auto Industries Limited Vs PCIT (ITAT Chandigarh)  In these two appeals concerning Assessment Years (AY) 2020–21 and 2021–22, the assessee challenged the revisionary orders passed under Section 263 by the Principal Commissioner of Income Tax (Pr. CIT), Ludhiana-1. The facts for both years were identical, and the Tribunal first examined AY 2020–21. The assessee opposed the invocation of revisionary jurisdiction, asserting that the Assessing Officer (AO) had already examined all relevant issues in detail during the original scrutiny assessment completed under Section 143(3) read with...