Revisional Power u/s 263 of Income Tax  Act cannot be used to Reopen Assessment: ITAT allows Appeal [Read Order]

Revisional Power - Income Tax Act - Reopen Assessment - ITAT - Assessment - appeal - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has recently held that revisional power under Section 263 of the Income Tax Act, 1961 could not be used to reopen the assessment proceedings. Section 263 of the Income Tax Act states that if the assessment proceedings made by the assessing officer is erroneous and prejudicial…

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