Techno Electric & Engineering company Limited Vs. PCIT-2, Kolkata

Parties Involved

Facts Summary

The assessee company, Techno Electric & Engineering company Limited, is engaged in the business of power generation and related infrastructure engineering. For the assessment year 2020-21, the company filed its return of income declaring a total income of ₹181,54,59,090/-. The return was selected for scrutiny under various grounds including stock valuation, refund claim, ICDS compliance, and expenses incurred for earning exempt income. The Assessing Officer (AO) passed an assessment order under section 143(3) read with section 144B of the Act, assessing the income at ₹1,84,58,86,675/- after making disallowances. The Principal Commissioner of Income Tax (PCIT) revised the assessment under section 263 of the Act, directing the AO to re-assess after considering certain adjustments related to ICDS compliance. The assessee challenged this revision, arguing that the PCIT's order was invalid and prejudicial to their interests.…

Legal Issues

• 1. Whether the exercise of jurisdiction under section 263 of the Act by the PCIT was valid.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• JMJ Ganpatiji Maharaja Hospitality Pvt. Ltd. vs. DCIT-Central Circle-2(2)

  Mumbai Bench benchAY 2012-13 & 2015-16Dismissed

• Beam Global Spirits and Wine (India) Private Limited vs Principal Commissioner of Income-tax (PCIT)-1, Delhi

• S.K.N Propmart Pvt. Ltd. Vs. Pr. CIT

  Delhi Bench ‘B’ New Delhi benchAY 2014-15Allowed

• Shahi Exports Private Ltd. vs PCIT (Central)

  Delhi Bench benchAY 2017-18 & 2018-19Allowed

• Sh. Umed Singh Vs. PCIT

  Delhi Bench benchAY 2018-19Allowed

• E Infochips Pvt. Ltd. vs. Principal Commissioner of Income Tax

  Ahmedabad bench