Order passed u/s. 263 without discussing or rebutting arguments of assessee not sustainable: ITAT Ahmedabad

Zydus Hospira Oncology Private Limited Vs PCIT ( ITAT Ahmedabad) ITAT Ahmedabad held that order passed by PCIT under section 263 of the Income Tax Act without discussing or rebutting any of the arguments taken by the assessee is in gross violations to the principles of natural justice and hence the same is liable to be set aside. Facts- During the examination of the assessment records, PCIT observed that the assessee had claimed an exemption of Rs. 59,98,80,918 u/s. 10AA of the Income Tax Act. PCIT was of the view that the assessee had included Revenue from operations and “other income” wh...