2025 (2) TMI 1903

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.... For the Respondent : Shri Sanjit Kumar Das, CIT-DR ORDER PER: INTURI RAMA RAO, AM This appeal filed by the assessee is directed against the order of the learned Pr. Commissioner of Income Tax (PCIT), dated 09.03.2023 for Assessment Year (AY) 2018-19. 2. Brief facts of the case are that the appellant is a co-operative society engaged in procurement and sale of milk and milk products. T....

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....rests of Revenue. The learned PCIT accordingly issued show cause notice u/s. 263 of the Act proposing to revise the assessment order. 4. In response to the show cause notice, it was submitted that the provision for expenses of Rs. 1,57,94,958/- was made in terms of the agreement entered by the management with the workers union on pay revision on 08.05.2017. It was stated that as regard, to the ....

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....roneous and prejudicial to the interests of revenue. In order to invoke the power of revision, the above two conditions are required to be satisfied cumulatively. References in this regard can be made to the decision of the Hon'ble Supreme Court in the case of Malabar Industrial Co. Ltd. vs. CIT, 243 ITR 83 (SC) and in the case of CIT vs. Max India Ltd., 295 ITR 282 (SC). The error in the assessme....

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....rt in the case of Cochin International Airport Ltd. v. ACIT, Corporate Circle - 1(1) Kochi, ITA No. 77 of 2018 dated 07.01.2024 wherein it is held vide para 10 of the order as under: - "10. It is true that all orders, which are erroneous, are not liable to be subjected to proceedings under Section 263 of the Income Tax Act, 1961. To invoke Section 263, the Principal Commissioner of Income....