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Section 263 Cannot Be Invoked Where AO’s View on deduction Is Plausible: ITAT Pune
Case Law Details
- Case Name
- Bajaj Finance Limited Vs PCIT-3 (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2019-20
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Bajaj Finance Limited Vs PCIT 3 (ITAT Pune)
Section 263 Cannot Be Invoked Where AO’s View Is Plausible: ITAT Pune Quashes PCIT Revision in Bajaj Finance Case
The Pune Bench of the ITAT quashed the revisionary order passed u/s 263 against Bajaj Finance Ltd. for AY 2019-20, holding that the assessment order was neither erroneous nor prejudicial to the interests of the Revenue.
The PCIT had invoked section 263 on two grounds:
(i) alleged excess allowance of deduction u/s 36(1)(viia) in respect of provision for bad and doubtful debts (including standard assets), and
(ii) alleged lack of verifica...
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