ITAT Quashes PCIT Order, Cites Lack of Inquiry and Jurisdictional Error

Auro Iron Limited Vs PCIT (ITAT Jaipur) The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has ruled in favor of Auro Iron Limited, quashing an order passed by the Principal Commissioner of Income Tax (PCIT) – 1, Jaipur, under Section 263 of the Income Tax Act, 1961. The PCIT had sought to revise an assessment order initially reopened under Section 148, primarily questioning the non-addition of a variation in closing stock due to a change in inventory valuation method and the allowance of interest cost as part of the cost of acquisition for long-term capital gain. The ITAT, aft...