Section 263 Revision Quashed for Denying Fair Hearing

ITO Vs Shilphy Steels Private Limited (Chhattisgarh High Court) Chhattisgarh High Court has set aside a revisional order passed by the Principal Commissioner of Income Tax (PCIT) against Shilphy Steels Private Limited, ruling that the assessee was not provided a reasonable opportunity of hearing. This decision, under Section 260A of the Income Tax Act, 1961, reinforces the critical importance of natural justice principles in tax proceedings and underscores the limitations of the PCIT’s revisional powers under Section 263 of the Act. The case originated from the assessment year 2015-16. S...