ANJANI AGARWAL,KOLKATA vs. PCIT (CENTRAL) KOLKATA - 2, , KOLKATA

ITA 403/KOL/2025Status: DisposedITAT Kolkata11 November 2025AY 2021-22Bench: SHRI DUVVURU RL REDDY (Vice President), SHRI RAJESH KUMAR (Accountant Member)8 pages
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What did the Tribunal hold?

The Tribunal held that the PCIT invalidly invoked Section 263 as the AO had conducted an inquiry and accepted the assessee's explanation regarding the share valuation. The AO's assessment was deemed neither erroneous nor prejudicial to the revenue.

What were the facts?

The assessee purchased shares for ₹1,86,76,115, which the PCIT considered undervalued compared to the market value of ₹4,78,54,490. The PCIT initiated revisionary proceedings under Section 263, alleging the AO's assessment was erroneous and prejudicial to revenue.

What were the issues?

Whether the PCIT validly invoked Section 263 when the AO had already conducted an inquiry and accepted the assessee's explanation regarding share valuation?

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 56(2)(x)(c),Section 142(1)

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Income Tax Appellate Tribunal, “A” BENCH, KOLKATA

For Appellant: Shri S.K. Tulsiyan, AR
For Respondent: Shri Raja Sengupta, DR
Hearing: 21.08.2025Pronounced: 11.11.2025

Per Rajesh Kumar, AM:

This is an appeal preferred by the assessee against the revisionary order of the ld. Pr. Commissioner of Income Tax(hereinafter referred to as the “Ld. PCIT”] dated 24.01.2025 for the AY 2021-22. 02. The only issue raised by the assessee in the various grounds of appeal is against the invalid exercise of juri iction u/s 263 of the Act by the ld PCIT and consequently, order passed by the ld. PCIT u/s 263 of the Act was also invalid and nullity in the eyes of law.

03.

The facts in brief are that the ld. AO framed the assessment u/s 143(3) of the Income-tax Act, 1961 (the Act) on 29.12.223, assessing the total income at ₹12,13,10,290/- as against the N

The order continues below.

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