Revision u/s. 263 quashed as no loss of revenue involved: ITAT Cuttack

Paradip Port Authority Vs DCIT (ITAT Cuttack) ITAT Cuttack held that revisionary proceedings under section 263 of the Income Tax Act is liable to be quashed since assessee is entitled for exemption u/s. 11 and hence twin conditions are not satisfied in as much as there is no loss of revenue. Facts- The assessee trust originally filed an application on 28.03.2006 for registration as a charitable or religious trust or institution u/s.12AA of the Act. The said application was dismissed by the CIT. ITAT restored the matter to the CIT for a fresh adjudication. Thereafter the ld. CIT(E), Hyderabad v...