Section 263 Upheld as AO Failed to Examine Nature of ₹3.98 Crore Receipt: ITAT Chandigarh

Rohit Grover Vs PCIT (ITAT Chandigarh) The Income Tax Appellate Tribunal (ITAT) considered an appeal filed by the assessee against an order passed by the Principal Commissioner of Income Tax (PCIT), Chandigarh-1 dated 28.03.2024 under Section 263 of the Income Tax Act, 1961 for Assessment Year 2013–14. The assessee had filed a return declaring total income of ₹55,11,460. Subsequently, the assessment was reopened under Section 147 based on information that the assessee had received ₹3,98,00,000 from a company towards transfer of the “right to carry the business” during the relevant ye...