Section 263 Quashed Because It Was Used Only for Review of a Completed Assessment

Worldview Education Services Private Limited Vs ITO (ITAT Hyderabad) Section 263 Invoked Merely for Review – Revision Held Unsustainable The Hon’ble ITAT, Hyderabad held that the order passed under Section 263 was invalid and unsustainable, as the Assessing Officer had already examined the issue in detail during scrutiny proceedings. The refunds of ₹1,06,63,541/- were found to relate to income recognised and offered to tax in an earlier year, and the subsequent refunds due to COVID-19 cancellations constituted sales returns / allowable business loss. The Tribunal observed that the Princi...