Reassessment Proceedings Quashed: Officer Used Wrong Section, PCIT's Claims Flawed; Decision Favors Assessee.

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....In light of the search material, the course of action should have been taken u/s 153C instead of Section 148. The Assessing Officer erred in invoking reassessment proceedings u/s 147, rendering the subsequent actions without jurisdiction, as per the judgments in Sri Dinakara Suvarna and Badal Prakash Jindal. The revenue failed to prove that the Assessing Officer's order was erroneous and prejudicial, as the PCIT could not establish non-application of mind, considering the Assessing Officer had examined the order of Kapil Romanna. Mere allegation of passing an order without application of mind is insufficient to invoke Section 263. The PCIT's findings and observations are infirm and perverse. Consequently, invoking Section 263 is not a fit case, and the order passed under it is quashed, favoring the assessee.....