2025 (5) TMI 131 - SCH - Income Tax

Revision u/s 263 - exemption u/s 54F - As decided by HC 2024 (1) TMI 1458 - GUJARAT HIGH COURT Tribunal correctly allowed the appeal of the assessee and set aside the order passed by the PCIT u/s 263 as prerequisite to exercise jurisdiction by the PCIT u/s 263 of the Act is that the assessment order is erroneous and prejudicial to the interest of the Revenue and for that both the conditions are required to be fulfilled - HELD THAT - No case for interference is made out in exercise of our jurisdiction under Article 136 of the Constitution of India. The Special Leave Petition is accordingly dismissed. Pending application(s) if any shall also stand disposed of.

Summary

The Supreme Court, through Hon'ble Justices Abhay S. Oka and Ujjal Bhuyan, heard the petitioner's counsel and condoned the delay. However, the Court held that "no case for interference is made out in exercise of our jurisdiction under Article 136 of the Constitution of India." Consequently, the Special Leave Petition was dismissed, and any pending applications were disposed of.