ITAT Quashes 263 Order as PCIT Withheld Adverse Material & Ignored Evidence of Genuine Purchases

Ardent Steels Private Limited Vs PCIT (ITAT Raipur)

ITAT Quashes 263 Order as PCIT Withheld Adverse Material & Ignored Evidence of Genuine Purchases

Assessment for A.Y. 2020-21 was completed u/s 143(3) r.w.s. 144B making only a minor disallowance of cess. PCIT later invoked revision u/s 263 alleging that Assessee’s purchases of ₹3.94 crore from M/s B B Medicare Pvt. Ltd. were bogus, treating the supplier as a “shell company” based on a SEBI list & assuming its iron ore trading licence was suspended. PCIT held

Please become a Premium member. If you are already a Premium member, login here to access the full content.