Bombay HC Rejects Section 263 Revision as AO Conducted Necessary Inquiry

Advertisement CIT Vs Chandan Magraj Parmar (Bombay High Court) The Revenue filed an appeal under Section 260A of the Income Tax Act, 1961 challenging the order of the Income Tax Appellate Tribunal (ITAT), which had quashed the Principal Commissioner’s revision order passed under Section 263. The appeal raised questions regarding whether the assessment order was erroneous and prejudicial to the interests of the Revenue, whether the Assessing Officer (AO) had conducted adequate inquiry into the capital gains claim, and whether the Tribunal had failed to consider the principles of prepon...