2026 (3) TMI 615

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....visionary powers under Section 263 of the Income-tax Act, 1961 [hereinafter referred to as "the Act"], for the Assessment Year (AY) 2020-21. 2. The assessee has raised the following grounds of appeal:- "1 In law and in the facts and the circumstances of the case of the appellant, the order u/s. 263 of the Act passed by Ld. PCIT is bad in law and deserves to be quashed. 2. In law and in the facts and the circumstances of the case of the appellant, the order u/s. 263 of the Act passed by Ld. PCIT in the name of non-existing entity is bad in law and deserves to be quashed. 3. In law and in the facts and the circumstances of the case of the appellant, the Ld. PCIT has erred in concluding that the appellant has clai....

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....s, the assessment order was not erroneous and prejudicial to interest of revenue. 5. In law and in the facts and the circumstances of the case of the appellant, the Ld. PCIT has grossly erred in ignoring the reply of appellant submitted during the course of revisionary proceeding and passed present order with prejudiced mindset." 3. The facts of the case are that the assessee is a company engaged in the activity of solar power generation and its ancillary activities. The assessee filed its original return of income on 27.01.2021 declaring income of Rs. 1,11,03,363/- u/s. 115BBG, resulting in a tax demand of Rs. 12,70,225/-. Subsequently, the assessee revised its return on 28.05.2021, wherein the income from transfer of carbon cr....

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....Jurisdictional Assessing Officer as well as to the Ld. PCIT during the revisionary proceedings, along with copies of the NCLT order and intimation letters. Despite being fully aware of the amalgamation, the Ld. PCIT proceeded to pass the impugned order in the name of a non-existent entity, rendering the order void ab initio. Reliance was placed on the judgment of the Hon'ble Supreme Court in the case of PCIT v. Maruti Suzuki India Ltd. (107 taxmann.com 375) and several decisions of High Courts and coordinate benches, including a recent decision of this Tribunal in the case of Adani Power Ltd. (ITA No. 453/Ahd/2023 dated 23.01.2025), wherein revision orders passed in the name of amalgamated entities were quashed. 6. We have carefully cons....