Section 263 Invalid as AO Conducted Inquiry on CSR Deduction Claim

Societe Generale Securities India Pvt. Ltd. Vs PCIT (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai examined the validity of revisionary proceedings initiated under Section 263 of the Income-tax Act, 1961, concerning deduction claimed under Section 80G on Corporate Social Responsibility (CSR) expenditure. The assessee had filed its return declaring total income and was subjected to scrutiny assessment, which was completed under Section 143(3) without making any disallowance in respect of the claim under Section 80G. Subsequently, the Principal Commissioner of Income Tax (PCIT) i...