https://www.taxtmi.com/caselaws?id=766756 The ITAT Delhi ruled in favor of the assessee regarding a revision u/s 263 concerning duty drawback treatment. The PCIT attempted to revise the AO's order claiming it was erroneous and prejudicial to revenue interest regarding duty drawback inclusion in business profit calculations and Section 80IC deductions. The ITAT held that both twin conditions for Section 263 revision were not satisfied, as the AO had properly examined the duty drawback issue and decided in the assessee's favor. The PCIT failed to conduct proper enquiry or provide cogent reasons for finding the assessment order erroneous. The tribunal declared the PCIT's revision order void ab initio and beyond jurisdiction, emphasizing that Explanation 2 to Section 263 does not grant unfettered power to revise properly examined orders. en-us Thu, 27 Feb 2025 00:00:00 +0530 Tue, 04 Mar 2025 07:12:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766756 The ITAT Delhi ruled in favor of the assessee regarding a revision u/s 263 concerning duty drawback treatment. The PCIT attempted to revise the AO's order claiming it was erroneous and prejudicial to revenue interest regarding duty drawback inclusion in business profit calculations and Section 80IC deductions. The ITAT held that both twin conditions for Section 263 revision were not satisfied, as the AO had properly examined the duty drawback issue and decided in the assessee's favor. The PCIT failed to conduct proper enquiry or provide cogent reasons for finding the assessment order erroneous. The tribunal declared the PCIT's revision order void ab initio and beyond jurisdiction, emphasizing that Explanation 2 to Section 263 does not grant unfettered power to revise properly examined orders. Case-Laws Income Tax Thu, 27 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766756