Revision u/s 263 by CIT - Applicability of section ...

CIT Revision u/s 263: Assessing Officer Must Fully Evaluate Section 56(2)(vii)(b)(ii) and Consider PCIT's Observations.

January 20, 2022

Case Laws Income Tax AT

Revision u/s 263 by CIT - Applicability of section 56(2)(vii)(b)(ii) has to be considered by reading the provision as a whole and in the context of various exceptions provided in the provisos to the said provision. This can be done through a proper and complete enquiry being done by the assessing officer. The assessing officer cannot act independently if he is circumscribed by various observations of learned PCIT on merits. - AT

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Revision u/s 263 by CIT - Applicability of section ...

CIT Revision u/s 263: Assessing Officer Must Fully Evaluate Section 56(2)(vii)(b)(ii) and Consider PCIT's Observations.

January 20, 2022

Case Laws Income Tax AT

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