Section 263 cannot be invoked on mere Non-Reference of Cash Transaction by AO: ITAT [Read Order]

By Fathima Karama A.M - On May 12, 2023 2:00 pm - 2 mins read

Cash Transaction - ITAT - Non-Reference of Cash Transaction by AO - Non-Reference of Cash Transaction - taxscan

The Raipur Bench of Income Tax Appellate Tribunal (ITAT) has held that Section 263 of the Income Tax Act, 1961 could not be invoked on mere non reference of cash transactions. The Principal Commissioner of Income Tax (PCIT) on a perusal of the record, it was found that the assessee, Anjay Surana, who was a…

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