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Income Tax - Highlights / Catch Notes

Home Highlights March 2023 Year 2023 This

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

Income Tax

March 14, 2023

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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