Section 263 Invoked for Lack of Inquiry into Exceptional Items

Wardha Solar (Maharashtra) Private Limited Vs PCIT (ITAT Ahmedabad) Section 263 Upheld for Lack of Enquiry on Exceptional Items; PCIT’s Scope Restricted: ITAT Ahmedabad The Ahmedabad Bench of the ITAT partly upheld the revisionary order under section 263 passed by the PCIT for AY 2020-21, holding that the assessment order was erroneous and prejudicial to the interests of revenue due to complete lack of enquiry by the Assessing Officer into a substantial claim of ₹57.02 crore booked as “Exceptional Items.” The Tribunal noted that the assessee had, for the first time, claimed deduction o...