ITAT Quashes Section 263 Revision as AO Conducted Detailed Inquiry into Agricultural Income

Pahalampur Samabay Krishi Unnayan Samity Ltd. Vs ITO (ITAT Kolkata) The ITAT Rajkot allowed the appeal filed by the assessee against the order passed by the Principal Commissioner of Income Tax (PCIT) under section 263 of the Income Tax Act for Assessment Year 2020-21. The dispute related to the assessee’s claim of agricultural income of ₹41.63 lakh, which had been accepted by the Assessing Officer during scrutiny assessment under section 143(3) read with section 144B of the Act. The assessee had filed its return declaring nil taxable income and agricultural income of ₹41,63,806. The cas...