ITAT Quashes PCIT’s Revision u/s 263, Finds AO Conducted Proper Verification of Investment and ESI Payments [Read Order]
The PCIT invoked Section 263, citing inadequate verification of a valuation discrepancy and delayed ESI payments. However, it was found that the AO had already examined these aspects, and the PCIT’s order was based on assumptions without establishing revenue loss
The Jaipur Bench of Income Tax Appellate Tribunal(ITAT) quashed the Principal Commissioner of Income Tax(PCIT)’s revision order under Section 263 of Income Tax Act,1961, holding that the Assessing Officer (AO) had properly verified the investment and Employees State Insurance(ESI) payments. Rajesh Choudhary,appellant-assessee,a doctor by profession, ran a diagnostic center under M/s Bharat Ultrasounds. A survey…
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