PCIT Cannot Mandate Income Addition for Accommodation Entries Under Section 263: ITAT Ahmedabad

Sunil Poonamchand Saraf Vs PCIT (ITAT Ahmedabad) Ahmedabad: The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench, has partially set aside a revisional order passed by the Principal Commissioner of Income Tax (PCIT) that had directed the Assessing Officer (AO) to mandatorily add an amount of Rs. 4,07,97,829/- as accommodation entries in the case of Sunil Poonamchand Saraf for the Assessment Year 2013-14. While upholding the PCIT’s jurisdiction to initiate revision proceedings, the Tribunal found the specific direction to make the addition without further verification to be beyond the...