Revision u/s 263 - selection of the case under limited scrutiny ...

PCIT Can't Revise AO's Limited Scrutiny Findings on High Sea Sales u/s 263 of Income Tax Act.

June 9, 2023

Case Laws Income Tax AT

Revision u/s 263 - selection of the case under limited scrutiny - expansion scope of limited scrutiny - As per CIT high sea sales is speculative transaction and therefore disallowance of loss arising therefrom against the non speculative business income - AO cannot go beyond reasons for of limited scrutiny and thus, it would not be open to the PCIT to pass revisionary order u/s 263 on other aspects and remit matter to AO for fresh assessment. - AT

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Revision u/s 263 - selection of the case under limited scrutiny ...

PCIT Can't Revise AO's Limited Scrutiny Findings on High Sea Sales u/s 263 of Income Tax Act.

June 9, 2023

Case Laws Income Tax AT

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