https://www.taxtmi.com/caselaws?id=769736 ITAT Bangalore held that Pr.CIT's revision order u/s 263 was invalid as it relied on documents not available at the time of initiating proceedings, which were obtained two years later from DDIT Kolkata. The tribunal ruled that s.263 powers must be exercised based on records available at the time of examination. Additionally, Pr.CIT exceeded jurisdiction by directing examination of issues (sales tax penalty, PF/ESI contributions) not part of the original reassessment proceedings u/s 147, which only concerned accommodation entries from shell companies. Assessee's appeal was partly allowed. en-us Mon, 20 Jan 2025 00:00:00 +0530 Thu, 01 May 2025 08:46:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769736 ITAT Bangalore held that Pr.CIT's revision order u/s 263 was invalid as it relied on documents not available at the time of initiating proceedings, which were obtained two years later from DDIT Kolkata. The tribunal ruled that s.263 powers must be exercised based on records available at the time of examination. Additionally, Pr.CIT exceeded jurisdiction by directing examination of issues (sales tax penalty, PF/ESI contributions) not part of the original reassessment proceedings u/s 147, which only concerned accommodation entries from shell companies. Assessee's appeal was partly allowed. Case-Laws Income Tax Mon, 20 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769736