PCIT Can Invoke Revision U/s 263 Based on Subsequent SC Decision; DRP-Based Assessment Also Revisable

Comer Industries India Pvt. Ltd. Vs DCIT (ITAT Bangalore) PCIT Can Invoke Revision u/s 263 Based on Subsequent Supreme Court Decision; DRP-Based Assessment Also Revisable In this case, the assessee challenged the revisionary order passed by the PCIT u/s 263 for AY 2017-18. The PCIT held that the assessment order passed u/s 143(3) r.w.s. 144C was erroneous and prejudicial to the interests of revenue as the AO failed to disallow delayed employees’ contribution to PF/ESI of ₹1,21,861 and certain penalty/interest payments. The assessee argued that at the time of passing the assessment order (2...