{"id":59635,"date":"2026-04-17T12:28:53","date_gmt":"2026-04-17T06:58:53","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pcit-central-v-prabhu-poly-pipes-ltd-2025-306-taxman-161-sc-editorial-pcit-central-v-prabhu-poly-pipes-ltd-2025-176-taxmann-com-693-cal-hc\/"},"modified":"2026-04-17T12:28:53","modified_gmt":"2026-04-17T06:58:53","slug":"pcit-central-v-prabhu-poly-pipes-ltd-2025-306-taxman-161-sc-editorial-pcit-central-v-prabhu-poly-pipes-ltd-2025-176-taxmann-com-693-cal-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-central-v-prabhu-poly-pipes-ltd-2025-306-taxman-161-sc-editorial-pcit-central-v-prabhu-poly-pipes-ltd-2025-176-taxmann-com-693-cal-hc\/","title":{"rendered":"PCIT, Central v. Prabhu Poly Pipes Ltd. (2025) 306 Taxman 161 (SC) Editorial: PCIT Central v. Prabhu Poly Pipes Ltd. [2025] 176 taxmann.com 693 (Cal.) (HC)"},"content":{"rendered":"<p style=\"margin-bottom: .0001pt;text-align: justify;line-height: 150%\"><span lang=\"EN-IN\" style=\"font-family: 'Verdana',sans-serif\">During the assessment proceedings, the<span class=\"apple-converted-space\">\u00a0AO\u00a0<\/span>raised specific queries regarding<span class=\"apple-converted-space\">\u00a0<\/span><strong><span style=\"font-family: 'Verdana',sans-serif;font-weight: normal\">unsecured loans<\/span><\/strong> and, after obtaining the relevant information and conducting necessary enquiries, was satisfied with the details furnished by the assessee, including the<span class=\"apple-converted-space\">\u00a0<\/span><strong><span style=\"font-family: 'Verdana',sans-serif;font-weight: normal\">identity and genuineness of the creditors<\/span><\/strong><b>,<\/b> and completed the assessment under<span class=\"apple-converted-space\">\u00a0<\/span><strong><span style=\"font-family: 'Verdana',sans-serif;font-weight: normal\">section 143(3)<\/span><\/strong><b>.<\/b> The<span class=\"apple-converted-space\">\u00a0<\/span><strong><span style=\"font-family: 'Verdana',sans-serif;font-weight: normal\">CIT <\/span><\/strong>subsequently initiated revision proceedings under<span class=\"apple-converted-space\">\u00a0<\/span><strong><span style=\"font-family: 'Verdana',sans-serif;font-weight: normal\">section 263<\/span><\/strong>. The Court noted that the CIT had made only<span class=\"apple-converted-space\">\u00a0<\/span><strong><span style=\"font-family: 'Verdana',sans-serif;font-weight: normal\">general observations<\/span><\/strong><span class=\"apple-converted-space\">\u00a0<\/span>alleging a lack of enquiry by the AO, without specifying<span class=\"apple-converted-space\">\u00a0<\/span><strong><span style=\"font-family: 'Verdana',sans-serif;font-weight: normal\">what further information ought to have been called for<\/span><\/strong><b>,<\/b> nor did the CIT record any finding on the material already placed on record before holding that the assessment order was<span class=\"apple-converted-space\">\u00a0<\/span><strong><span style=\"font-family: 'Verdana',sans-serif;font-weight: normal\">erroneous and prejudicial to the interests of the Revenue<\/span><\/strong><b>. <\/b>Accordingly, it held that the <strong><span style=\"font-family: 'Verdana',sans-serif;font-weight: normal\">Tribunal<\/span><\/strong><span class=\"apple-converted-space\"><b>\u00a0<\/b><\/span>was justified in setting aside the revision order passed by the Commissioner, and<span class=\"apple-converted-space\">\u00a0<\/span><strong><span style=\"font-family: 'Verdana',sans-serif;font-weight: normal\">no substantial question of law<\/span><\/strong><span class=\"apple-converted-space\"><b>\u00a0<\/b><\/span>arose for consideration. The<span class=\"apple-converted-space\">\u00a0<\/span><strong><span style=\"font-family: 'Verdana',sans-serif;font-weight: normal\">Supreme Court<\/span><\/strong><span class=\"apple-converted-space\">\u00a0<\/span>declined to interfere with the judgment of the High Court, and the<span class=\"apple-converted-space\">\u00a0<\/span><strong><span style=\"font-family: 'Verdana',sans-serif;font-weight: normal\">Special Leave Petition was dismissed<\/span><\/strong>. (AY.2014-15)<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash credits-Adequate enquiry by Assessing Officer-Lack of enquiry-General observation  by CIT-High Court affirmed the order of Tribunal-SLP of revenue dismissed.[S. 68, 143(3),153A, Art. 136] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-59635","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fvR","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59635","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=59635"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59635\/revisions"}],"predecessor-version":[{"id":59636,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59635\/revisions\/59636"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=59635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=59635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=59635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}