INCOME TAX : PCIT ‘s revision order u/s 263 is to be quashed where it is time-barred and is in respect of a rectification order passed by AO u/s 154 which could not be termed as prejudicial to revenue for the following reasons:(I) AO’s rectification order merely stated the figure of returned loss accepted in scrutiny but omitted to be stated in the assessment order and the rectification order was infructuous as set-off claimINCOME TAX : PCIT ‘s revision order u/s 263 is to be quashed where it is time-barred and is in respect of a rectification order passed by AO u/s 154 which could not be termed as prejudicial to revenue for the following reasons:(I) AO’s rectification order merely stated the figure of returned loss accepted in scrutiny but omitted to be stated in the assessment order and the rectification order was infructuous as set-off claimwww.taxmann.com Latest Case LawsRead More
