Second Opinion of AO cannot be Ground for Section 263 invocation

Synwave Industries Vs PCIT (ITAT Ahmedabad) Income Tax Appellate Tribunal (ITAT) Ahmedabad bench today allowed an appeal filed by Synwave Industries, setting aside a revisionary order issued by the Principal Commissioner of Income Tax (PCIT), Ahmedabad-1, for the assessment year 2013-14. The Tribunal concluded that the PCIT’s invocation of Section 263 of the Income Tax Act, 1961, was not justified, reinstating the original assessment order that had assessed nil income for the company. The case, Synwave Industries Vs. PCIT (ITAT Ahmedabad), centered on the PCIT’s decision to revise ...