Dismissing the appeal of the revenue the Court held that the Assessing Officer when the matter went before him for the second time pursuant to the order passed under section 263. The Tribunal was satisfied that the view taken by the Assessing Officer in the second round of the proceedings was permissible under the law. The Tribunal had rightly held that the Principal Commissioner merely gave directions but did not give any reasons to conclude that the assessment should be revised for the s time.(AY. 2012-13)
PCIT v. Pearl Tracom Pvt. Ltd.(2025) 476 ITR 456 (Cal)(HC) Editorial : SLP of revenue was dismissed for explain satisfactorily delay of 358 days in filing SLP, PCIT v. Pearl Tracom Pvt. Ltd (2025) 476 ITR 459 (SC)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Share capital and Share premium-Principal Commissioner invoking revision powers for second time on same issue involving share capital and share premium-Order of Tribunal quashing the revision order was affirmed.[S. 131, 254(1), 260A]