https://www.taxtmi.com/caselaws?id=450640 The ITAT Kolkata quashed a second revision order u/s 263 passed by PCIT. The case involved a de novo assessment where the AO, after obtaining approval from PCIT-4, passed an order resulting in lower assessed income than the previous assessment. The successor AO proposed revision alleging the order was erroneous for want of proper enquiries. ITAT held that in de novo assessments, all issues are open and the assessee has the right to furnish explanations. A lower assessed income cannot be termed erroneous by fiction of law. The revision jurisdiction cannot be exercised merely for want of enquiries at the whims of PCIT, and assessments cannot remain open in perpetuity. The appeal was allowed. en-us Wed, 06 Mar 2024 00:00:00 +0530 Sat, 09 Mar 2024 07:37:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450640 The ITAT Kolkata quashed a second revision order u/s 263 passed by PCIT. The case involved a de novo assessment where the AO, after obtaining approval from PCIT-4, passed an order resulting in lower assessed income than the previous assessment. The successor AO proposed revision alleging the order was erroneous for want of proper enquiries. ITAT held that in de novo assessments, all issues are open and the assessee has the right to furnish explanations. A lower assessed income cannot be termed erroneous by fiction of law. The revision jurisdiction cannot be exercised merely for want of enquiries at the whims of PCIT, and assessments cannot remain open in perpetuity. The appeal was allowed. Case-Laws Income Tax Wed, 06 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450640