Revision u/s 263 - the ld PCIT had invoked revision jurisdiction ...

PCIT's Section 263 revision on Long Term Capital Loss deemed invalid due to reliance on audit objection.

May 26, 2021

Case Laws Income Tax AT

Revision u/s 263 - the ld PCIT had invoked revision jurisdiction u/s 263 of the Act on the very same point of allowability of LTCL. Hence it could be safely concluded that the revision proceedings has been invoked by the PCIT u/s 263 of the Act based on audit objection, which is nothing but borrowed satisfaction. Hence the said revision proceedings u/s 263 of the Act need to be construed as bad in law. - AT

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Revision u/s 263 - the ld PCIT had invoked revision jurisdiction ...

PCIT's Section 263 revision on Long Term Capital Loss deemed invalid due to reliance on audit objection.

May 26, 2021

Case Laws Income Tax AT

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