Revision u/s 263 - PCIT observed that AO had failed to examine ...

PCIT finds AO failed to verify share premium, interest issues u/s 56(2)(vii), Rule 11UA(2)(b); revision quashed.

March 14, 2023

Case Laws Income Tax AT

Revision u/s 263 - PCIT observed that AO had failed to examine and verify the issues related to share premium received and interest earned, which issues had remained unaddressed - The action of the Ld. PCIT is in direct contravention of the provisions of Explanation (a)(i) to section 56(2)(vii) of the I.T. Act read with rule 11UA(2)(b) of the I.T. Rules. - AO could not have changed the method of valuation opted by the Assessee - Revision order quashed - AT

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Revision u/s 263 - PCIT observed that AO had failed to examine ...

PCIT finds AO failed to verify share premium, interest issues u/s 56(2)(vii), Rule 11UA(2)(b); revision quashed.

March 14, 2023

Case Laws Income Tax AT

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