Invocation of Section 263 of the Income Tax Act

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Last updated: 19 July 2021
Quick Summary
The Delhi High Court reviewed appeals concerning the invocation of Section 263 of the Income Tax Act. The Principal Commissioner of Income Tax had previously set aside assessment orders, arguing that interest earned on fixed deposits should have been credited to the Profit and Loss account rather than deducted from inventory value. The tax auditor's report also indicated this interest pertained to 'other income'.

Court :
ITAT Delhi

Brief :
The above-captioned appeals are directed against the common order dated 18.12.2019, passed by the Income Tax Appellate Tribunal [in short

Citation :
ITA 118/2021

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