ITAT Kolkata Quashes Section 263 Revision for Lack of Error & Revenue Prejudice

International Seaports (Haldia) Pvt. Ltd. Vs PCIT (ITAT Kolkata) The assessee filed an appeal against the order of the Principal Commissioner of Income Tax (PCIT) passed under Section 263 of the Income-tax Act for Assessment Year 2016-17. The Tribunal first condoned a delay of 334 days in filing the appeal after finding that the delay occurred for bona fide and genuine reasons. The dispute concerned the exercise of revisionary jurisdiction under Section 263 by the PCIT. The assessee had filed its return of income declaring total income of ₹1,73,50,108. The return was selected for scrutiny, a...