Section 263 Cannot Be Invoked Without Substantial Grounds

Posun Credit Co. Op. Society Limited Vs PCIT (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT) Ahmedabad ruled in favor of Posun Credit Co-Operative Society Limited in its appeal against the Principal Commissioner of Income Tax (PCIT) regarding the assessment for the 2018-19 financial year. The dispute arose after the PCIT invoked Section 263 of the Income Tax Act, 1961, declaring the original assessment order under Section 143(3) as erroneous and prejudicial to the interest of the revenue. The primary issue concerned the assessee’s claim for deduction under Section 80P(2)(d) on ...