BHARATH RASIKLAL SHAH,COCHIN vs. PCIT KOCHI-1, KOCHI

In the result, the appeal filed by the assessee is allowed

Bench: Shri Inturi Rama Rao & Shri Soundararajan K.Assessment Year : 2017-18

Section 263 order would expose him to the threat of vindicative action by the Assessing Officer (NFAC) u/s 144 (Best judgment assessment) as the same is based on the grounds of erroneous assessment and prejudicial to the revenue. The apprehension gains more significance as the PCIT is aware that the Appellant has already submitted that he has deposited original sales