SHAMJI NATHU VAISHYA,VERAVAL vs. PR. CIT, RAJKOT-1, RAJKOT, RAJKOT

ITA 327/RJT/2024Status: DisposedITAT Rajkot30 June 2025AY 2018-19Bench: DR. ARJUN LAL SAINI (Accountant Member), SHRI DINESH MOHAN SINHA (Judicial Member)1 pages
AI SummaryAllowed

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 was not erroneous or prejudicial to the revenue. The AO had conducted inquiries, and the PCIT could not substitute his own view for a plausible view of the AO.

What were the facts?

The Principal Commissioner of Income-tax (PCIT) invoked Section 263 powers, citing excess stock found during survey and a fall in gross profit, arguing the Assessing Officer (AO) failed to tax it under Section 69A and 115BBE. The assessees challenged these revisions.

What were the issues?

Whether the PCIT correctly exercised revisional jurisdiction under Section 263 when the AO's assessment was based on inquiries, and whether the AO's order was erroneous and prejudicial to the revenue.

Which sections of the Income-tax Act were involved?

Section 263,Section 69A,Section 115BBE,Section 143(3),Section 142(1)

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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. ITA No. Asstt. Appellant Respondent No. Year 1. 324/Rjt/2024 2019- M/s. Deepmala Marine Exports The Pr. CIT-1, 20 New Fisheries Terminal Gate, Rajkot Bhidiya Plot, Veraval-362269 Aayakar Bhavan, PAN No.: AABFD4284G Race Course Ring Road, Rajkot-360001 2. 322/Rjt/2024 2019- M/s. Sun Exports The Pr. CIT-1, 20 Plot No.1313, GIDC Estate, Rajkot Somnath Road, Veraval – 362269 Aayakar Bhavan, PAN No.: ACAFS3664A Race Course Ring Road, Rajkot-360001 3. 323/Rjt/2024 2019- Shri Chunilal Govind Vanik The Pr. CIT-1, 20 Ashaganga Exports, Plot No. 310/B, Rajkot Somnath Road, GIDC Estate, Aayakar Bhavan, Veraval – 362267 Race Course PAN No.:AAUPV5100G Ring Road, Rajkot-360001 4. 312/Rjt/2024 2019- Shri BharatkumarKalyanjibhai The Pr. CIT-1, 20 Bhindi Rajkot Prop. of M/s. K. D. Bhindi, Kalyan Aayakar Bhavan, Complex, Haveli Lane, Junagadh- Race Course 362001 Ring Road, PAN No.:ABWPB2758D Rajkot-360001 5. 326/Rjt/2024 2019- Shri Kishor VeljibhaiFofandi The Pr. CIT-1, ITA No. 331 & 335 & 371/Rjt/2024

20 Prop. of Deepmala Fisheries, Plot Rajkot

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