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Income Tax - Highlights / Catch Notes

Home Highlights February 2021 Year 2021 This

Revision u/s 263 by CIT - Where the factual scenario of a case ...

Income Tax

February 17, 2021

Revision u/s 263 by CIT - Where the factual scenario of a case prima facie indicates claim of huge discount which is a matter of limited scrutiny and thus cry for looking deep into it, then a mere acceptance of an explanation without conducting any further verification and examination cannot be held as conducting an enquiry. - The order passed is clearly erroneous and prejudicial to the interest of the Revenue. - AT

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