https://www.taxtmi.com/caselaws?id=464287 ITAT (Hyderabad) held that the PCIT's revision u/s 263 was incorrectly invoked and the assessment framed u/s 143(3) r.w.s.144C stood valid. The Tribunal found the AO had before him financial statements and had taken plausible views on impairment loss, prior-period/forex adjustments and corporate guarantee adjustments after DRP directions u/s 144C(5). Because the DRP had inquired into and directed the assessment, the AO could not go beyond those directions and PCIT failed to demonstrate that the order was erroneous or prejudicial to Revenue. Appeal of the assessee was allowed. en-us Fri, 24 Jan 2025 00:00:00 +0530 Tue, 14 Oct 2025 15:48:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464287 ITAT (Hyderabad) held that the PCIT's revision u/s 263 was incorrectly invoked and the assessment framed u/s 143(3) r.w.s.144C stood valid. The Tribunal found the AO had before him financial statements and had taken plausible views on impairment loss, prior-period/forex adjustments and corporate guarantee adjustments after DRP directions u/s 144C(5). Because the DRP had inquired into and directed the assessment, the AO could not go beyond those directions and PCIT failed to demonstrate that the order was erroneous or prejudicial to Revenue. Appeal of the assessee was allowed. Case-Laws Income Tax Fri, 24 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464287