AO’s order cannot be deemed erroneous Solely Due to PCIT Disagreement: ITAT Jaipur

Mujmmeel Vs ACIT (ITAT Jaipur) Income Tax Appellate Tribunal (ITAT) Jaipur, in the case of Mujmmeel vs. ACIT, quashed the Principal Commissioner of Income Tax’s (PCIT) order issued under Section 263 of the Income Tax Act. The case arose from a survey under Section 133A conducted on the assessee on March 2, 2020, where incriminating documents were discovered, involving transactions totaling ₹1.44 crore. During scrutiny, the Assessing Officer (AO) verified the transactions and made an addition based on commission income. However, the PCIT subsequently invoked Section 263, claiming the AOR...