https://www.taxtmi.com/caselaws?id=771442 The ITAT Delhi quashed the PCIT's revision order under section 263, ruling that the AO's assessment was neither erroneous nor prejudicial to revenue interests. The tribunal held that PCIT's directions for re-examination of various issues including revenue recognition methodology, financial expenses, house property income, write-offs, land transfer rights, exceptional gains/losses, current liabilities, and tax implications on land transactions constituted impermissible change of opinion rather than valid revision. The AO had already examined these matters, obtained necessary documents, and reached plausible conclusions after applying due consideration, making further verification beyond section 263 scope. en-us Fri, 23 May 2025 00:00:00 +0530 Mon, 26 May 2025 08:52:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771442 The ITAT Delhi quashed the PCIT's revision order under section 263, ruling that the AO's assessment was neither erroneous nor prejudicial to revenue interests. The tribunal held that PCIT's directions for re-examination of various issues including revenue recognition methodology, financial expenses, house property income, write-offs, land transfer rights, exceptional gains/losses, current liabilities, and tax implications on land transactions constituted impermissible change of opinion rather than valid revision. The AO had already examined these matters, obtained necessary documents, and reached plausible conclusions after applying due consideration, making further verification beyond section 263 scope. Case-Laws Income Tax Fri, 23 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771442