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Reassessment Based on Quashed 263 Cannot Survive – Revenue Appeal Dismissed
Case Law Details
- Case Name
- ITO Vs Pantime Finance Company Pvt Ltd (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Mumbai
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ITO Vs Pantime Finance Company Pvt Ltd (ITAT Mumbai)
ITAT Mumbai upheld CIT(A)’s order deleting additions made pursuant to a revision u/s 263, holding that once the base revision order itself is quashed by Tribunal, all consequential proceedings automatically fail. The reassessment order passed u/s 147 r.w.s. 263 & 144B had added substantial income after PCIT invoked revision alleging lack of enquiry and non-compliance with penny stock SOP guidelines.
Tribunal noted that earlier co-ordinate bench had already quashed the revision order u/s 263 on both legal and factual grounds, including ...
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