PEE VEE TEXTILES LIMITED,WARDHA V. DCIT/ACIT CIRCLE-3, NAGPUR, NAGPUR

ITA 303/NAG/2025

AI Insights

The case involves Pee Vee Textiles Limited, the appellant, against the Deputy Commissioner of Income Tax/Assistant Commissioner of Income Tax, Circle , Nagpur, the respondent. The appeal was directed against the order of the National Faceless Appeal Centre, Delhi, for the Assessment Year 2014. The primary issue was the jurisdiction assumed by the Principal Commissioner of Income Tax (PCIT) under section 263, which directed the assessing officer to conduct the assessment proceedings de novo. However, during the hearing, the assessee's representative informed that the assessing officer had accepted the assessee's contention and passed a fresh assessment order without any variations, leading to the withdrawal of the appeal.

• Counselvise Citation: [2026] 140 COUNSELVISE.COM (IT) 840891 (ITAT-NAGPUR)
• Duration Of Justice: 9 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-02-2026
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2020-2021
• Appeal Filed On: 09-05-2025
• Laws Referred To: Income Tax Act
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: PANKAJ KUMAR
• Assessee Lawyers: MAHAVIR ATAL
• Section: 263

Judgement Text

"IN THE INCOME TAX APPELLATE TRIBUNAL “NAGPUR” BENCH, NAGPUR BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER & SHRI KHETTRA MOHAN ROY, ACCOUNTANT MEMBER ITA No. 303/NAG/2025 (AY: 2020–21) (Physical hearing) Pee Vee Textiles Limited NH No. 7, JAM, Samudrapur, Wardha, Maharashtra – 442305. [PAN: AABCP0024F] Vs DCIT/ACIT, Circle – 3, Nagpur BSNL / RTTC Building, Nagpur – 440006. Appellant / Assessee Respondent / Revenue Assessee by Shri Mahavir Atal, CA Revenue by Shri Pankaj Kumar, CIT–DR Date of institution 09.05.2025 Date of hearing 25.02.2026 Date of pronouncement 25.02.2026 Order under section 254(1) of Income Tax Act PER PAWAN SINGH, JUDICIAL MEMBER: 1. This appeal by the assessee is directed against the order of National Faceless Appeal Centre, Delhi (NFAC)/learned Commissioner of Income Tax (Appeals) (in short, the ld. CIT(A)) dated 10/03/2025 for the Assessment Year (AY) 2014–15. The assessee has raised following grounds of appeal: “1. Whether on the facts and circumstances of the case, the learned PCIT was justified in assuming jurisdiction under section 263 and directing the assessing officer to conduct the assessment proceedings de novo. 2. Appellant craves leave to add or alter any other ground at the time of hearing.” 2. At the time of hearing the learned authorised representative (AR) of the assessee submits that the assessing officer (AO) while giving effect to the order of ld. PCIT under section 263, the AO has not made any variation and accepted the contention Printed from counselvise.com Pee Vee Textiles Limited ITA No. 303/Nag/2025 (A.Y. 2020–21) 2 of assessee and passed the fresh assessment order. Thus, he has instruction from assessee to withdraw the present appeal. The learned Senior departmental representative (ld. DR) for the revenue was fair enough not to oppose the withdrawal of the impugned appeal by the assessee. 3. Considering the prayer of ld. AR of the assessee, present appeal is dismissed as withdrawn. 4. In the result, this appeal of assessee is dismissed as withdrawn. Order announced in open court on 25th February 2026 at the time of hearing. Sd/- Sd/- KHETTRA MOHAN ROY PAWAN SINGH ACCOUNTANT MEMBER JUDICIAL MEMBER Nagpur: Dated: 25/02/2026 Biswajit Copy of the order forwarded to: (1) The Assessee; (2) The Revenue; (3) The PCIT / CIT (Judicial); (4) The DR, ITAT, Nagpur; and (5) Guard file. By order Assistant Registrar ITAT, Nagpur Printed from counselvise.com "