PCIT cannot assume revisional jurisdiction on debatable issue of Tax on Interest u/s 28 of land Acquisition Act

Om Prakash Vs PCIT (ITAT Delhi) The case of Om Prakash Vs PCIT (ITAT Delhi) revolves around the jurisdiction of the Principal Commissioner of Income Tax (PCIT) to revise orders related to tax on interest under Section 28 of the Land Acquisition Act. The appellant contested the PCIT’s revisional jurisdiction based on various grounds, leading to a detailed analysis by the Income Tax Appellate Tribunal (ITAT) Delhi. The appellant challenged the PCIT’s order under Section 263 of the Income Tax Act, arguing that it was made without satisfying statutory preconditions and lacked jurisdict...