Tribunal Rules in Favor of Assessee, Nullifies PCIT Order Violating Natural Justice in Tax Deduction Case.

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....The ITAT held that the order passed u/s 263 by the PCIT was in gross violation of the principles of natural justice. The Tribunal observed that the order disregarded the assessee's legal and factual submissions without any discussion or rebuttal, rendering the proceedings a mere formality. Furthermore, the Tribunal noted that the assessee had opted for the Vivad se Vishwas scheme, paid the due taxes, and provided judicial precedents supporting their claim for deduction u/s 10AA. The Assessing Officer, after considering the submissions, took a legally plausible view and did not disturb the deduction claim. The Tribunal also highlighted that several precedents have held that once an assessee opts for the Vivad se Vishwas scheme and pays taxes.........