BHARATKUMAR KALYANJIBHAI BHINDI,JUNAGADH vs. PCIT, RAJKOT-1, RAJKOT , RAJKOT

ITA 312/RJT/2024Status: DisposedITAT Rajkot30 June 2025AY 2019-2034 pages
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What did the Tribunal hold?

The Tribunal held that the PCIT's assumption of jurisdiction under Section 263 was invalid as the AO's assessment orders were not erroneous or prejudicial to the revenue. However, one appeal was partly allowed concerning the late payment of employee PF contribution.

What were the facts?

The Principal Commissioner of Income-tax (PCIT) invoked Section 263 powers, citing that the Assessing Officer (AO) failed to assess excess stock found during survey proceedings and did not inquire into a fall in gross profit. The assessees challenged these revisions.

What were the issues?

Whether the PCIT correctly exercised revisionary jurisdiction under Section 263 when the AO's assessment was based on plausible views and inquiries, and whether the AO's failure to tax excess stock and investigate profit fall made the order erroneous and prejudicial to revenue.

Which sections of the Income-tax Act were involved?

Section 263,Section 69A,Section 115BBE,Section 143(3),Section 69B

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Cases cited in this judgment(8)Show list

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IN THE INCOME TAX APPELLATE TRIBUNAL, RAJKOT BENCH, RAJKOT BEFORE DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER AND SHRI DINESH MOHAN SINHA, JUDICIAL MEMBER Sr.

No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 324/Rjt/2024 322/Rjt/2024 323/Rjt/2024 312/Rjt/2024 326/Rjt/2024 327/Rjt/2024 329/Rjt/2024 331/Rjt/2024 335/Rjt/2024 371/Rjt/2024 ITA No.

Asstt.

Year 2019- 20 2019- 20 2019- 20 2019- 20 2019- 20 2018- 19 2018- 19 2019- 20 2019- 20 2019- 20 Appellant M/s. Deepmala Marine Exports New Fisheries Terminal Gate, Bhidiya Plot, Veraval-362269 PAN No.: AABFD4284G M/s. Sun Exports Plot No.1313, GIDC Estate, Somnath Road, Veraval – 362269 PAN No.: ACAFS3664A Shri Chunilal Govind Vanik Ashaganga Exports, Plot No. 310/B, Somnath Road, GIDC Estate, Veraval - 362267 PAN No.:AAUPV5100G Shri BharatkumarKalyanjibhai Bhindi Prop. of M/s. K. D. Bhindi, Kalyan Complex, Haveli Lane, Junagadh- 362001 PAN No.: ABWPB2758D Shri Kishor VeljibhaiFofandi Prop. of Deepmala Fisheries, Plot No. 305, GIDC Estate, Veraval- 362268 PAN No.:AABPF9318D Shri Samji Nathu Vaishya Prop. of Royal Traders& Somnath Bar, Bunder Chowk, Nr. Petrol Pump, Diu-362520 PAN No.: AAYPV6872B Shri HetalkumarPravinchandraRajyaguru Surya Nagar, Ambika Bh

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