Section 263 Revision Quashed for Absence of Exempt Income

Saurashtra Cement Ltd. Vs PCIT (ITAT Rajkot) No Section 263 Revision Where No Exempt Income & Sufficient Own Funds — ITAT Rajkot Quashes PCIT Order The Rajkot Bench of the ITAT allowed the assessee’s appeal for AY 2018-19 and quashed the revisionary order passed under section 263, holding that the assessment order u/s 143(3) was neither erroneous nor prejudicial to the interests of Revenue. Key holdings of the Tribunal: Section 14A not applicable without exempt income: The assessee had not earned any exempt income during the year, as evidenced by the tax audit report (Form 3CD). Relyi...