ITAT Upholds Section 263 Revision, Confirms Validity of Section 144 Ex Parte Assessment Order

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....The ITAT upheld the revision order passed under section 263, affirming that the assessment order issued under section 144 ex parte was justified due to the assessee's failure to appear despite proper notice. The Tribunal noted the assessee's challenge to the assessment before the CIT(A), which remains pending. The AO's additions under sections 43B, 68 read with 115BBE, and estimated long-term capital gains were scrutinized, with the PCIT highlighting procedural irregularities in income estimation and the existence of two sets of financial statements. The Tribunal found no error in the PCIT's conclusion that the assessment was prejudicial to Revenue, particularly due to non-consideration of section 45(4). Consequently, the order under sectio.........