Challenge on Revision Order Passed u/s 263 of Income Tax Act: Supreme Court Issues Notice to Canara Bank [Read Order]
Suo-moto took up the matter under Section 263 of the Income Tax Act, 1961 holding the order passed by AO was erroneous and prejudicial to the interest of the Revenue.
The Supreme Court issued notice to Canara Bank in a Special Leave Petition (SLP) that arose out of the impugned final judgment and order passed by the High Court of Karnataka wherein challenged the revision order passed under section 263 of the Income Tax Act, 1961. The assessee is a public sector bank engaged in…
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