Revision u/s 263 by CIT - PCIT could not merely sit solely in ...

Case Laws Income Tax

November 15, 2021

Revision u/s 263 by CIT - PCIT could not merely sit solely in the capacity of a revisional authority qua the new material but was required to perform the task of AO in tandem and discharge quasi-judicial function independently. - PCIT has failed to do so. Neither the purported evidence collected from SEBI were confronted nor the cross examination of adversarial statement was provided. The opportunity contemplated under S. 263 is thus rendered illusory and merely an empty formality resulting in miscarriage of justice in contravention of expresses intendment of law. - AT

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Revision u/s 263 by CIT - PCIT could not merely sit solely in ...

Case Laws Income Tax

November 15, 2021

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