ITAT Sets Aside Revisionary Order u/s 263 of Income Tax Act for Re-agitating Issue to Explaining Details of Large Cash Deposits in Savings Account [Read Order]

By Ipsita Das - On August 24, 2023 10:55 am - 2 mins read
ITAT Sets Aside Revisionary Order - Income Tax Act for Re - agitating Issue to Explaining Details of Large Cash Deposits- Savings Account - TAXSCAN

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that Principal Commissioner of Income Tax (PCIT) was not validly empowered to invoke revisionary provision of Section 263 of the Income Tax Act, 1961. Hence the revisionary order for AY(Assessment Year)  2016-17 was set aside. The assessee in the present case is Navneet Bhardwaj ….

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