Assumption of revisionary jurisdiction u/s 263 of the Income Tax Act, 1961

Last updated: 23 November 2021
Quick Summary
The Income Tax Appellate Tribunal (ITAT) Pune has ruled that the Principal Commissioner of Income Tax (PCIT) wrongly assumed revisionary jurisdiction under Section 263 of the Income Tax Act, 1961. The tribunal found that the PCIT failed to provide specific reasons or factual evidence to demonstrate why the Assessing Officer's order was erroneous and prejudicial to the revenue's interest. Consequently, the ITAT quashed the PCIT's order and allowed the assessee's appeal.

Court :
ITAT Pune

Brief :
This appeal preferred by the assessee emanates from the order of the Ld. Pr. Commissioner of Income Tax, Pune-3 dated 31.03.2021 for the assessment year 2014-15 as per the grounds of appeal on record.

Citation :
ITA No. 216/PUN/2021

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Poojitha Raam Vinay
Published in Income Tax
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