Receipt of equipment on returnable basis not demonstrated hence revision u/s. 263 justified

LSI India Research & Development Pvt. Ltd Vs PCIT (ITAT Bangalore) ITAT Bangalore held that revisionary proceeding by PCIT under section 263 of the Income tax Act treating assessment order erroneous and prejudicial to interest of revenue upheld since assessee could not demonstrate that the equipment’s were received on returnable basis. Facts- The assessee has received certain capital assets amounting to Rs. 42,89,70,248/- on free of cost/loan basis from holding/ subsidiary companies. These fixed assets, according to the ld. PCIT u/s 263 of the Act, were representing the income of the ass...