Section 263 Order Quashed: Adverse Material Not Shared on Alleged Bogus Purchases

JCIT Vs ACP Tollways Private Limited (ITAT Lucknow) ITAT Quashes PCIT Order for Violating Natural Justice by Withholding Evidence; Genuine Purchases Ignored: ITAT Voids PCIT’s Revision for Misuse of Powers; PCIT’s 263 Order Quashed for Withholding Adverse Material & Ignoring Evidence on Genuine Purchases In this case, assessment u/s 143(3) r.w.s. 144B was completed for A.Y. 2020-21 & a minor disallowance of Health & Education Cess was made. Later, PCIT invoked revisionary jurisdiction u/s 263 alleging that Assessee purchased iron ore fines of ₹3.94 crore from M/s B B Medi...