The ITAT allowed the assessee's appeal against revision u/s 263 ...

Tax Deduction Upheld: ITAT Affirms AO's Well-Reasoned Order, Limits CIT's Revisionary Powers u/s 263.

January 1, 2025

Case Laws Income Tax AT

The ITAT allowed the assessee's appeal against revision u/s 263 by the CIT. The AO had rightly allowed deduction u/s 57 after detailed inquiry. The CIT cannot substitute his view for the AO's well-reasoned order. Explanation 2(a) to Sec. 263 does not give unfettered revision powers. The AO's order was not erroneous or prejudicial to revenue interests.

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The ITAT allowed the assessee's appeal against revision u/s 263 ...

Tax Deduction Upheld: ITAT Affirms AO's Well-Reasoned Order, Limits CIT's Revisionary Powers u/s 263.

January 1, 2025

Case Laws Income Tax AT

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