Anjani Agarwal Vs. PCIT (Central) Kolkata
Case No: ITA No.403/KOL/2025
Court: Income Tax Appellate Tribunal 'A' Bench, Kolkata
Date: 11/11/2025
Parties Involved
AppellantAnjani Agarwal
RespondentPCIT (Central) Kolkata
Facts Summary
The assessee, Anjani Agarwal, purchased 1,95,500 equity shares of M/s Ankit Polyfabs Pvt. Ltd. for a consideration of ₹1,86,76,115/-. The Assessing Officer (AO) framed the assessment under section 143(3) of the Income-tax Act, 1961, assessing the total income at ₹12,13,10,290/- as against the NIL income declared by the assessee. The Principal Commissioner of Income Tax (PCIT) revised the assessment under section 263 of the Act, claiming that the AO had underassessed the income by ₹2,91,78,375/- …
Decision in favour of
Assessee
Legal Issues
- 1. Whether the PCIT validly invoked jurisdiction under section 263 of the Act to revise the assessment.
Precedents Relied Upon
7 precedents cited in this judgement.