Section 263 Cannot Be Invoked Without Specific Error: ITAT Ahmedabad

GSP Crop Science Ltd. Vs PCIT (ITAT Ahmedabad) Section 263 Can’t Be Invoked Without Specific Error: Mere Verification Direction Not Enough- ITAT Ahmedabad Quashes 263 Revision Assessee had filed return declaring income of Rs.11.55 crore. Assessment was completed u/s 143(3) r.w.s. 144B on 29.09.2022 at Rs.11.84 crore after making addition of Rs.28.55 lakh u/s 40(a)(ia). Subsequently, PCIT examined records & held the assessment to be erroneous & prejudicial to the interest of Revenue, invoking jurisdiction u/s 263. PCIT noted four issues: Weighted deduction u/s 35(2AB) of Rs.2.30 cror...