Simply having a different opinion from AO not justify invocation of Section 263

Shringar Marketing Pvt. Ltd. Vs PCIT (ITAT Kolkata) The case of Shringar Marketing Pvt. Ltd. Vs Principal Commissioner of Income Tax (PCIT) was heard by the Income Tax Appellate Tribunal (ITAT) Kolkata. This appeal was filed by Shringar Marketing Pvt. Ltd. against the order of the PCIT under Section 263 of the Income Tax Act, 1961. The core issue revolved around the invocation of Section 263 by the PCIT, who deemed the assessment order passed by the Assessing Officer (AO) as erroneous and prejudicial to the interest of the revenue. The ITAT’s decision in this case provides crucial insights i...