Revision u/s. 263 quashed as object advancement of general public utility held as charitable purpose

National Payments Corporation of India Vs CIT (Exemptions) (ITAT Mumbai) ITAT Mumbai held that National Payments Corporation of India carries out activities which has been recognized as charitable under category of advancement of object for general public utility. Accordingly, revisionary order u/s. 263 quashed as issue already dealt in detail by AO. Facts- This issue raised by the assessee is in respect of initiation of revisionary proceedings u/s 263 and passing the revisionary order thereafter. Broadly, the assessee’s contentions are that AO has failed to apply correct position of law as...