Revisionary Powers u/s 263 of Income Tax Act not prevails if AO Conducts Inquiry and Verification during Assessment: ITAT quashes Revision Order [Read Order]

By Killamsetty Rasmita - On July 15, 2023 11:00 am - 2 mins read

Revisionary Powers - Income Tax Act not prevails if AO Conducts Inquiry and Verification during Assessment - ITAT quashes Revision Order - TAXSCAN

The Pune Bench of Income Tax Appellate Tribunal has quashed the revisionary order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income Tax Act, 1961. The ITAT held that the PCIT’s order was unsustainable in law as the Assessing Officer (AO) conducted due inquiry before framing of the assessment….

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