PCIT Cannot Invoke Section 263 to Impose Section 270A Penalty: ITAT Ahmedabad

Air Wind Green Energy Limited Vs PCIT (ITAT Ahmedabad) Initiating Penalty via Sec. 263? Not Permissible, Rules ITAT- Revision Power Misused: ITAT Bars PCIT from Forcing 270A Penalty Background AO completed reassessment u/s 147 r.w.s. 144B, disallowing bogus purchases of ₹51.87 lakh (from Sharukhan Jamiyatkhan Pathan) u/s 37(1). PCIT revised the order u/s 263 (12.03.2025) observing that AO should have invoked s.69C (unexplained expenditure) instead of s.37(1) & Directed AO to initiate penalty proceedings u/s 270A(9) (misreporting of income). Assessee’s Arguments Revision u/s 263 canno...