Nishicha Impex Private Limited vs. DCIT CC 4(4)

Parties Involved

Facts Summary

The assessee, Nishicha Impex Private Limited, filed an appeal challenging the order dated 18.03.2026 passed by the Principal Commissioner of Income Tax (Central), Mumbai, under section 263 of the Income Tax Act, 1961. The assessee had filed its return of income on 25.12.2018, declaring income of Rs.16,39,030/-. The return was selected for scrutiny, and the assessment was completed on 19.04.2021, determining the total income at Rs.18,75,270/-. The Assessing Officer found that the assessee had entered into transactions with M/s. Advance Computers and Mobiles Pvt. Ltd. for Rs.88,58,844/-. The AO concluded that the transactions were bogus, adding Rs.99,21,904/- to the assessee's income. The assessee appealed to the first appellate authority, which found that the assessee had sold goods to M/s. Advance Computers and Mobiles Pvt. Ltd. but could not establish the genuineness of the transactions. The Principal Commissioner of Income Tax (Central) exercised revisionary powers under section 263 of the Act, issuing a show cause notice and ultimately passing the impugned order on 18.03.2026.…

Legal Issues

• 1. Whether the exercise of revisionary powers by the Principal Commissioner of Income Tax (Central) under section 263 of the Act is valid and within jurisdiction?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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