https://www.taxtmi.com/caselaws?id=451102 The ITAT Kolkata held that PCIT cannot exercise revision jurisdiction u/s 263 for a second time on the same issue merely because the reassessment resulted in acceptance of the assessee's claim. When an assessment order is set aside for de novo assessment, all issues remain open and the AO is not statutorily required to only enhance or assess the same income previously assessed. The PCIT failed to point out specific errors in evidence furnished by the assessee and passed a general order without examining details or considering submissions. The deeming provisions under Finance Act 2015 were not applicable to AY 2012-13. The revision order was set aside in favor of the assessee. en-us Mon, 18 Mar 2024 00:00:00 +0530 Wed, 20 Mar 2024 07:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451102 The ITAT Kolkata held that PCIT cannot exercise revision jurisdiction u/s 263 for a second time on the same issue merely because the reassessment resulted in acceptance of the assessee's claim. When an assessment order is set aside for de novo assessment, all issues remain open and the AO is not statutorily required to only enhance or assess the same income previously assessed. The PCIT failed to point out specific errors in evidence furnished by the assessee and passed a general order without examining details or considering submissions. The deeming provisions under Finance Act 2015 were not applicable to AY 2012-13. The revision order was set aside in favor of the assessee. Case-Laws Income Tax Mon, 18 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451102