https://www.taxtmi.com/caselaws?id=771389 ITAT Kolkata quashed CIT's revision proceedings u/s 263 against the assessee. The tribunal held that AO's reassessment order was neither erroneous nor prejudicial to revenue since no addition was made regarding the original reason for reopening u/s 148(2). The revision was barred by limitation as it pertained to assessment u/s 143(1) beyond the prescribed time limit. Additionally, CIT's proposed assessment regarding excess share premium u/s 56(2)(viib) was invalid as this provision was only applicable from AY 2013-14 onwards, not the relevant assessment year. The tribunal ruled all grounds for initiating revisionary proceedings were invalid and decided in favor of the assessee. en-us Thu, 22 May 2025 00:00:00 +0530 Sat, 24 May 2025 09:00:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771389 ITAT Kolkata quashed CIT's revision proceedings u/s 263 against the assessee. The tribunal held that AO's reassessment order was neither erroneous nor prejudicial to revenue since no addition was made regarding the original reason for reopening u/s 148(2). The revision was barred by limitation as it pertained to assessment u/s 143(1) beyond the prescribed time limit. Additionally, CIT's proposed assessment regarding excess share premium u/s 56(2)(viib) was invalid as this provision was only applicable from AY 2013-14 onwards, not the relevant assessment year. The tribunal ruled all grounds for initiating revisionary proceedings were invalid and decided in favor of the assessee. Case-Laws Income Tax Thu, 22 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771389