PCIT invoked section 263 against order of AO accepting valuation ...

Revision order u/s 263 upheld on casual acceptance of merchant banker's premium share valuation report.

January 1, 2025

Case Laws Income Tax AT

PCIT invoked section 263 against order of AO accepting valuation report of merchant banker determining share value at premium. ITAT held that AO failed to make proper enquiry and record reasons for accepting valuation report, especially when similar report was rejected in preceding year for assessee. AO passing order without proper enquiry and reasons on substantial issue like share valuation made order erroneous and amenable to revision u/s 263. Decided against assessee.

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PCIT invoked section 263 against order of AO accepting valuation ...

Revision order u/s 263 upheld on casual acceptance of merchant banker's premium share valuation report.

January 1, 2025

Case Laws Income Tax AT

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