ITAT Rebukes PCIT for wrongful Exercise of Powers u/s 263 on valid Income Tax Assessment Order [Read Order]

The key issue in the matter concerned consideration for a property sold by a company of which the Appellant-Assessee is the Director

By Avinash Kurungot - On September 30, 2024 5:59 pm - 3 mins read

ITAT - ITAT Ahmedabad - Income Tax Assessment Order - PCIT - Taxscan

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) in a recent judgment reprimanded the wrongful exercise of powers by the Principal Commissioner of Income Tax (Appeals)-3, Ahmedabad ( PCIT ) under Section 263 of the Income Tax Act, 1961 while adjudging a valid Income Tax Assessment. The Income Tax Appeal was…

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