Section 263 Cannot Be Invoked Without Twin Condition Satisfaction: Calcutta HC

PCIT Vs Anjaniputra Nirmal Pvt. Ltd. (Calcutta High Court) The Calcutta High Court dismissed an appeal filed by the revenue department, affirming that a revisionary order under Section 263 of the Income Tax Act, 1961, cannot be passed if the Assessing Officer has already conducted an inquiry into the matter. The case, PCIT vs Anjaniputra Nirmal Pvt. Ltd., centered on the Principal Commissioner of Income Tax’s (PCIT) attempt to set aside a fresh assessment order that had been passed by an Assessing Officer (AO). This was the second time the PCIT had invoked its power under Section 263. In...