2023 (10) TMI 213 - SCH - Income Tax

Revision u/s 263 - whether the order of the AO is erroneous on the ground of not being in accordance with law? - as per HC 2017 (1) TMI 252 - BOMBAY HIGH COURT AO has not taken into account the relevant consideration of absence of actual business activity of the appellant for the purpose of treating the expenditure claimed as an allowable expenditure and notional tax effect is directly attributable to the error in the assessment order. HELD THAT On the request made by learned counsel for respondent, the matter is adjourned by two weeks to ascertain the position pursuant to the impugned order passed under Section 263 of the Income Tax Act, 1961.