https://www.taxtmi.com/highlights?id=79327 Validity of revision u/s 263 - subsequent revision orders - first order set aside by PCIT - ITAT quashing revisionary proceedings - adoption of accrual basis of accounting - assessee company followed mercantile system and showed trade receivables - assessee bound to adhere to Ministry of Power's direction to account for interest on cash basis - order u/s 263 invalid once first order quashed - no subsequent order permissible - res judicata principle applicable - Tribunal's order justified in absence of challenge to fundamental aspect across assessment years. en-us Thu, 11 Jul 2024 08:37:58 +0530 Thu, 11 Jul 2024 08:37:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79327 Validity of revision u/s 263 - subsequent revision orders - first order set aside by PCIT - ITAT quashing revisionary proceedings - adoption of accrual basis of accounting - assessee company followed mercantile system and showed trade receivables - assessee bound to adhere to Ministry of Power's direction to account for interest on cash basis - order u/s 263 invalid once first order quashed - no subsequent order permissible - res judicata principle applicable - Tribunal's order justified in absence of challenge to fundamental aspect across assessment years. Highlights Income Tax Thu, 11 Jul 2024 08:37:58 +0530 https://www.taxtmi.com/highlights?id=79327