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7. PCIT vs. Nya International
(2025) 482 ITR 281 (SC)
Revision – Erroneous and prejudicial - To exercise jurisdiction under Section 263 of the 1961 Act, the Commissioner of Income Tax should examine the merits and only on reaching a finding that the re-assessment order is erroneous and prejudicial to the interest of the Revenue make an addition – The jurisdiction could not be exercised on the basis of ‘no inquiry and verification’, where a case is of wrong conclusion The assessee firm M/s. Nya International had filed its return of income for the assessment year 2012-13 on 16.08.2012 declaring total income as NIL.
The case thereafter was selected for scrutiny and assessment and an order was passed under Section 143(3) of the Act on 25.03.2015.
Information was received from DDIT (Ivn) Unit-7(2) Mumbai that the assessee was maintaining a bank account no. 5500111032480 with ING Vysya Bank having credit entry of ₹70,13,43,319/- and the bank account was not disclosed by the assessee in its return of income for the year under consideration. During the year, the assessee firm had claimed exemption under Section 10AA of the Act of ₹87,21,44,414/- but the exemption under Section 10AA was disallowed by the Assessing Officer while passing an asse
