ITAT Delhi Quashes Section 263 Revision for Introducing New Issues Without Notice

NKC Projects Private Limited Vs PCIT (ITAT Delhi) ITAT Delhi strikes down PCIT’s 263 order – NKC Projects gets full relief; revision beyond show-cause held invalid NKC Projects Pvt. Ltd. appealed against the revision order passed u/s 263 by PCIT  setting aside its scrutiny assessment u/s 143(3) r.w.s. 144B for AY 2020-21. AO had examined all major aspects – stock valuation, TDS, unsecured loans, ICDS, & expenses — before accepting the returned income. PCIT initially issued notice on four points (creditors, bad debts, PF/ESI, & increase in expenses) but in the final order i...