No condonation for wrong legal advice ground taken by commercial entity: ITAT

Kancherla Medical Services Private Limited Vs DCIT (ITAT Hyderabad) Introduction: In a recent case, the Income Tax Appellate Tribunal (ITAT) Hyderabad addressed the issue of condoning a delay in appealing an order issued under Section 263 of the Income Tax Act, 1961. The case involved Kancherla Medical Services Private Limited, a commercial entity operating in the medical services sector. The Principal Commissioner of Income Tax (PCIT) in Hyderabad had passed an order on March 31, 2022, deeming the assessment for the 2017-18 fiscal year erroneous and prejudicial to the interest of the Revenue...