SAMPADA AGRO AND STEEL TRADERS,NAGPUR vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX, NAGPUR - 1, NAGPUR

ITA 430/NAG/2026Status: DisposedITAT Nagpur31 August 2026AY 2019-20206 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal found that the AO had all the relevant material and had made inquiries. The Principal CIT's conclusion that the AO had not verified purchases and sundry creditors was incorrect. The Tribunal held that the Principal CIT's revisionary order was not sustainable.

What were the facts?

The assessee appealed against the Principal CIT's order revising the assessment order. The assessee contended that the Assessing Officer (AO) had conducted all necessary inquiries. The Principal CIT held the assessment order to be erroneous and prejudicial to the revenue without further inquiry.

What were the issues?

Whether the Principal CIT correctly invoked Section 263 to revise the assessment order when the AO had conducted sufficient inquiries. Whether the assessment order was erroneous and prejudicial to the interest of revenue.

Which sections of the Income-tax Act were involved?

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

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “DB” BENCH, NAGPUR

Before: SHRI ANUBHAV SHARMA & SHRI KHETTRA MOHAN ROY

For Appellant: Adv. Sh. Bhavesh M. Moryani, Adv
Hearing: 19.06.2026Pronounced: 31.08.2026

PER ANUBHAV SHARMA, JM:

This appeal is preferred by the assessee against the order dated 31.03.2026 of the Ld. PCIT-1, Nagpur (hereinafter referred as Ld. First Appellate Authority or in short Ld. ‘Revisionary Authority’) in DIN & Order No: ITBA/REV/F/REV5/2025-26/1088190109(1) arising out of the P a g e | 2 Sampada Agro & Steel Traders (AY: 2019-20) assessment order dated 13.03.2024 u/s 147r.w.s 144B of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) passed by Assessment Unit, Income Tax Department, for AY: 2019-20. 2. On hearing both sides we

The order continues below.

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