ITAT Upholds CIT’s Section 263 Invocation on Genuineness of Receipts & Expenditures

Gourishankar Education Society Vs CIT (ITAT Pune) In the case of Gourishankar Education Society vs. CIT (Exemption), the ITAT Pune dismissed appeals filed by the assessee against the revisional orders passed under Section 263 of the Income Tax Act for the assessment years (AYs) 2013-14 and 2014-15. The orders were deemed erroneous and prejudicial to the revenue’s interests due to the lack of adequate inquiry during reassessment proceedings. The Tribunal upheld the directions for de novo assessments while affirming the Commissioner’s jurisdiction under Section 263. The assessee, a regis...