Calcutta HC allows Section 236 Tax Revision on Bogus Purchase Addition

PCIT Vs Premlata Tekriwal (Calcutta High Court) Kolkata: The Calcutta High Court has set aside orders of the Income Tax Appellate Tribunal (ITAT) that had quashed a Principal Commissioner of Income Tax’s (PCIT) decision to revise assessment orders under Section 263 of the Income Tax Act, 1961. The case involved alleged bogus purchases by the assessee, Premlata Tekriwal, and the quantum of disallowance made by the Assessing Officer (AO). The High Court’s ruling emphasizes the PCIT’s power to intervene when an AO’s order is deemed erroneous and prejudicial to the revenue ...