Section 263 Revision quashed as AO duly examined relevant expense during assessment

Vmobi Solutions Pvt. Ltd. Vs PCIT (Central) (ITAT Mumbai)

ITAT Mumbai held that expenditure of filing fee in respect of increased in share capital duly examined during the assessment proceedings hence initiation of proceedings u/s. 263 of the Income Tax Act unjustified. Order of PCIT u/s. 263 quashed.

Facts- The assessee had filed return declaring nil income on 30.10.2017 and the assessment was completed u/s 143(3). Subsequently, PCIT issued an order u/s 263 of the Act dated 26.02.2024 on the ground that the order of the AO was erroneous and prejudicial to t

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