Section 263 Fails Where 153C Assessment Has Valid 153D Approval

Manohar & Filaments Pvt. Ltd. Vs PCIT (ITAT Delhi) Search Assessment Has Boundaries: Revision Beyond 153C Fails- 153D Approval Shields Assessment from 263 Revision; No Incriminating Material, No 263: ITAT Reins in PCIT- PCIT Can’t Bypass Statutory Approval: 263 Order Quashed Delhi ITAT quashed revision order u/s 263 holding that PCIT cannot assume revisional jurisdiction over an assessment completed u/s 153C after due approval u/s 153D, unless such statutory approval itself is shown to be erroneous & prejudicial to Revenue. In Manohar & Filaments Pvt. Ltd vs. PCIT (Central)-3, IT...