Revision u/s 263 by CIT - Total power subsidy and TUF subsidy ...

Income Tax Commissioner can't revise AO's decision u/s 263 if multiple views exist or AO's choice is legal.

March 15, 2022

Case Laws Income Tax AT

Revision u/s 263 by CIT - Total power subsidy and TUF subsidy were wrongly declared by the assessee - When AO adopted one of the courses permissible in law and it has resulted in loss to the revenue, or where two views are possible and the Assessing Officer has taken one view with which the CIT does not agree, it cannot be treated as an erroneous order prejudicial to the interest of the revenue unless the view taken by the AO is unsustainable in law - there is no escapement of income which is prejudicial to the interest of the revenue - AT

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Revision u/s 263 by CIT - Total power subsidy and TUF subsidy ...

Income Tax Commissioner can't revise AO's decision u/s 263 if multiple views exist or AO's choice is legal.

March 15, 2022

Case Laws Income Tax AT

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