PCIT’s Revision Without Quantifying Revenue Loss Unjustified: ITAT Mumbai

A & J Associates Vs PCIT (ITAT Mumbai)

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has set aside a revisional order issued by the Principal Commissioner of Income Tax (PCIT) against A & J Associates for the Assessment Year 2015-16. The tribunal ruled that the Assessing Officer’s (AO) original assessment was not erroneous or prejudicial to the interests of the revenue, a prerequisite for invoking the revisional powers under Section 263 of the Income Tax Act, 1961.

The case arose after the PCIT rev

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