Section 263 Revision Upheld Due to AO’s Failure to Examine ₹669 Crore Trust Receipt

Page ContentsBuckeye Trust Vs PCIT-2 (ITAT Bangalore) Buckeye Trust Vs PCIT-2 (ITAT Bangalore) The appeal before the Income Tax Appellate Tribunal (ITAT), Bangalore Bench, concerned the validity of a revisionary order passed under section 263 of the Income Tax Act, 1961 for Assessment Year 2018-19 . The assessee, a private discretionary trust created on 23.01.2018 under the Indian Trusts Act, 1882, received assets amounting to ₹669,27,63,437 from the settlor on 31.03.2018. The assets were in the form of interest in partnership firms and investments in unlisted shares and were reflected under...