ITAT Quashes 263 Order: PCIT Cannot Fish for Enquiries in Faceless Assessment

Mahasian Di Hatti (P) Ltd Vs CIT (ITAT Delhi) ITAT Quashes 263 Order: PCIT Cannot Fish for Enquiries in Faceless Assessment- Tribunal Cancels PCIT’s Revision for Lack of Error & Prejudice Delhi Tribunal dealt with the validity of revisionary powers exercised by PCIT u/s 263 against an assessment framed by NFAC u/s 143(3) r.w.s. 144B for A.Y. 2020-21. Assessee, engaged in the business of processing & marketing spices under the famous MDH brand, had filed its return declaring income of ₹620.33 crores. The case was selected for complete scrutiny on three issues – stock valuation...