PCIT’s Section 263 Invocation Unjustified as AO duly Verified Property Investment

PCIT Vs Halmira Estate Tea Private Limited (Calcutta High Court) Calcutta High Court, in a recent judgment, dismissed an appeal filed by the Principal Commissioner of Income Tax (PCIT) against Halmira Estate Tea Private Limited, upholding the Income Tax Appellate Tribunal’s (ITAT) decision to quash a revisionary order issued under Section 263 of the Income Tax Act, 1961. The court found that the Assessing Officer (AO) had conducted adequate inquiries and verifications, thus negating the grounds for the PCIT’s intervention. The appeal by the revenue, filed with a delay of 164 days, ...