https://www.taxtmi.com/caselaws?id=765002 The ITAT Mumbai held that the PCIT erred in exercising revision powers under section 263, finding the assessment order neither erroneous nor prejudicial to revenue interests. The tribunal determined that trade receivables from Municipal Solid Waste Division were never transferred to the assessee under the NCLT-sanctioned amalgamation scheme, contrary to PCIT's findings. The assessee had adequately explained the scheme details and provided supporting documentation including board resolutions during assessment proceedings. The AO had conducted proper inquiry regarding goodwill depreciation claims. The PCIT misconceived facts and wrongly assumed trade receivables were transferred, making the revision order unsustainable. Appeal decided in favor of assessee. en-us Tue, 21 Jan 2025 00:00:00 +0530 Thu, 23 Jan 2025 08:39:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765002 The ITAT Mumbai held that the PCIT erred in exercising revision powers under section 263, finding the assessment order neither erroneous nor prejudicial to revenue interests. The tribunal determined that trade receivables from Municipal Solid Waste Division were never transferred to the assessee under the NCLT-sanctioned amalgamation scheme, contrary to PCIT's findings. The assessee had adequately explained the scheme details and provided supporting documentation including board resolutions during assessment proceedings. The AO had conducted proper inquiry regarding goodwill depreciation claims. The PCIT misconceived facts and wrongly assumed trade receivables were transferred, making the revision order unsustainable. Appeal decided in favor of assessee. Case-Laws Income Tax Tue, 21 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765002