ITAT Mumbai Quashes 263 Orders: No Incriminating Material to Revisit 80IC Claim U/s. 153A

Raj Impex Vs PCIT (ITAT Mumbai) ITAT Mumbai Quashes PCIT’s 263 Orders—No Incriminating Material to Disturb 80IC Claim in Raj Impex Search Case ITAT Mumbai quashed seven revisionary orders u/s 263 passed by PCIT against assessments completed u/s 153A for AYs 2011-12 to 2018-19. The Assessee, engaged in manufacturing essential oils & perfumery from aromatic herbs at its Himachal Pradesh unit, had claimed deduction u/s 80IC. After a search on 10.03.2021, AO completed the assessments u/s 153A r.w.s. 143(3) accepting the claim, with prior approval u/s 153D. Later, PCIT held that AO had not ...