Revision on Bogus Sales Quashed – Pending CIT(A) Appeal Bars Section 263

Vandana Jain Vs PCIT (ITAT Delhi) 263 Invalid When Issue Already Pending Before CIT(A) – Statutory Bar under Explanation 1(c) Applies; PCIT’s Revision on Bogus Sales Quashed The Assessee challenged three revision orders passed u/s 263 for AYs 2017-18 to 2019-20. The PCIT invoked revision on the ground that the AO should have taxed the alleged accommodation-entry transactions as unexplained cash credits u/s 68, instead of estimating 0.5% commission income. The Assessee argued that the very same transactions—sales/purchases routed through Sumit Jindal group—were already under appeal befo...