Section 263 should not be exercised at instance of assessing officer

PCIT Vs Reeta Lakhmani (Calcutta High Court) The case of PCIT vs. Reeta Lakhmani, heard by the Calcutta High Court, is a significant legal precedent involving the interpretation of Section 263 of the Income Tax Act, 1961. This case addresses the procedural and substantive aspects of the exercise of jurisdiction by the Principal Commissioner of Income Tax (PCIT). The judgment, delivered on a series of appeals, scrutinizes the validity of the PCIT’s actions and the genuineness of transactions under the Income Tax Act. The appeals were filed by the revenue under Section 260A of the Income T...