Dismissing the appeal of the revenue the Court held that the second time pursuant to the order passed under section 263, that the view taken by the Assessing Officer in the second round of the proceedings was permissible under the law, and that the Tribunal had rightly held that the Principal Commissioner had not given any reasons to conclude that the assessment should be revised for the second time. Delay of 358 days. SLP of revenue was dismissed on account for condonation of delay.
PCIT v. Pearl Tracom Pvt. Ltd (2025) 476 ITR 459 (SC) Editorial : PCIT v. Pearl Tracom Pvt. Ltd., (2025) 476 ITR 456 (Cal)(HC)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Share capital-Share premium-Order of High Court quashing the revision order-Delay of 358 days-SLP of revenue was dismissed failure to explain the condonation of delay. [S. 131, 142(1), Art. 136]
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