PCIT, Don’t Cross Your Limit – Section 263 Can’t Expand Scrutiny: ITAT Ahmedabad

Kesar Buildcon Pvt. Ltd. Vs ld. PCIT (ITAT Ahmedabad) PCIT, Don’t Cross Your Limit – 263 Can’t Expand Scrutiny- ITAT Ahmedabad Quashes Revision Tribunal had to decide whether PCIT was justified in invoking revisionary powers u/s 263 when the original assessment was completed under limited scrutiny through the Faceless E-Assessment Scheme. Assessee had filed its return declaring a loss of ₹27.49 lakh. The case was selected for scrutiny under CASS for the specific parameter of “very low PBDIT as compared to turnover”. AO issued notices, called for replies, examined the matter & ,...