VINAY ARUN JOSHI,THANE vs. PCIT CENTRAL MUMBAI-1, MUMBAI

ITA 3721/MUM/2025Status: DisposedITAT Mumbai30 July 2025AY 2017-1821 pages
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What did the Tribunal hold?

The Tribunal held that the PCIT erred in invoking Section 263. Since the original assessment for the year was finalized and not abated by the search, the PCIT could not revise it under Section 263 based on issues that were not part of the search or did not arise from incriminating material found during the search.

What were the facts?

Following a search operation, the assessee filed a return under Section 153A, declaring the same income as his original return. The Assessing Officer accepted this returned income. Subsequently, the PCIT initiated proceedings under Section 263, citing an alleged under-assessment due to the disallowance of a claimed long-term capital loss.

What were the issues?

Whether the PCIT can invoke Section 263 to revise a finalized assessment order for an unabated assessment year, especially when the issues raised do not stem from incriminating material found during a search operation.

Which sections of the Income-tax Act were involved?

Section 263,Section 153A,Section 143(3),Section 132,Section 68,Section 48

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Income Tax Appellate Tribunal, MUMBAI “F” BENCH : MUMBAI

Before: SHRI VIKRAM SINGH YADAV & MS. KAVITHA RAJAGOPAL

PER VIKRAM SINGH YADAV, A.M : This is an appeal filed by the assessee against the order of the Learned Pr. Commissioner of Income Tax (Central), Mumbai-1 [‘Ld.PCIT'], dated 21-03-2025, pertaining to Assessment Year (AY) 2017-18, wherein the assessee has taken the following grounds of appeal: 1. “On the facts & in the circumstances of case the learned Pr. Commissioner of Income Tax, Central Mumbai-1 has erred legally & factually by passing order u/sec 263 for fresh assessment where the order passed u/sec 153A r.w.s.143(3) was not at all prejudicial for revenue.

2.

On the

The order continues below.

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