HC quashes section 263 revision as CIT not assumed jurisdiction without conducting independent enquiry

PCIT Vs Anindita Steels Ltd. (Calcutta High Court)

In the case at hand the Tribunal rightly pointed out that the ground on which notice under Section 263 of the Act was issued was identical to the reason for reopening the assessment earlier. Furthermore, the Tribunal noted that no independent enquiry was conducted by the PCIT to justify assumption of jurisdiction under Section 263 of the Act. It is settled legal principle that the PCIT cannot substitute its opinion to that of the assessing officer on the same material which

Please become a Premium member. If you are already a Premium member, login here to access the full content.