SANJAY VELJIBHAI SOJITRA,RAJKOT vs. ITO WD 3(1)(4), RAJKOT-AMRELI, RAJKOT

ITA 240/RJT/2025Status: DisposedITAT Rajkot23 September 2026AY 2018-195 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the PCIT cannot invoke Section 263 merely on a change of opinion if the Assessing Officer has conducted inquiries and taken a plausible view. The assumption of jurisdiction under Section 263 was found unsustainable.

What were the facts?

The assessee's assessment was reopened based on information about accommodation entries related to Long-Term Capital Gain. The Assessing Officer accepted the assessee's explanation and completed the reassessment without additions. The PCIT invoked Section 263, holding the assessment order erroneous and prejudicial to revenue.

What were the issues?

Whether the PCIT's revisionary order under Section 263 is valid when the Assessing Officer has already conducted inquiries and accepted the assessee's explanation, or if it amounts to a mere change of opinion.

Which sections of the Income-tax Act were involved?

Section 263,Section 147,Section 144B,Section 148,Section 143(2),Section 142(1),Section 132

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, Rajkot Bench, Rajkot

Before: Dr. BRR Kumar & Shri Sonjoy Sarma

For Appellant: Shri Kalpesh J. Shah, Ld. AR
For Respondent: Shri R. V. Arun Prashad, Ld. Sr. DR
Hearing: 28/07/2026Pronounced: 23/09/2026

Per, Shri Sonjoy Sarma, JM: This appeal has been preferred by the assessee against the order dated 23.03.2025 passed by the Ld. Principal Commissioner of Income Tax-1, Rajkot (“PCIT”) under section 263 of the Income-tax Act, 1961 (“the Act”), whereby the assessment order passed by the Assessing Officer under section 147 read with section 144B of the Act dated 03.03.2023 was set aside with a direction to frame a fresh assessment order. Sanjay Veljibhai Sojitra

02.

Brief facts of the case are that the assessee is an individual who

The order continues below.

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