ITAT upholds invocation of revisional jurisdiction u/s 263 by PCIT: Twin Conditions of “Error” and “Prejudice to the Interest of Revenue” Satisfied [Read Order]

Assessing Officer committed an “error” of not making the addition of notional annual letting value on vacant units of building

By Aakanksha Bajoria - On April 15, 2025 6:48 am - 2 mins read

ITAT - ITAT Mumbai - revisional jurisdiction under section 263 - TAXSCAN

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently upheld the invocation of revisional jurisdiction under Section 263 of the Income Tax Act, 1961 by the Principal Commissioner of Income Tax (PCIT), on being certain that the requisite twin conditions of “error” and “prejudice to the interest of revenue” had been duly satisfied. The…

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