Sec 263 Upheld; Lack of AO Enquiry on Stock Anomaly Made Reassessment Erroneous: ITAT Raipur

Jain Enterprises Vs PCIT (ITAT Raipur)

ITAT Raipur Upholds Sec 263 Revision – Lack of AO Enquiry on Stock Anomaly Makes Reassessment Order Erroneous & Prejudicial

In Jain Enterprises vs Pr. CIT (AY 2018-19), the ITAT Raipur dismissed the assessee’s appeal and upheld revisionary action u/s 263. The PCIT had set aside reassessment completed u/s 147 r.w.s. 144B on the ground that the AO failed to examine an anomaly of 1940

Please become a Premium member. If you are already a Premium member, login here to access the full content.