PCIT Rightly Invokes Section 263: AO’s Incorrect Application of Law on Stamp Duty Valuation & Unexplained Investment

Kamaluddin Popatlal Surani Vs PCIT (ITAT Surat) In the matter abovementioned ITAT Surat have held that PCIT rightly invoked jurisdiction u/s 263 as he observed that assessee failed to explain the nature and source of investment with necessary supporting evidence. Assessee carried on retail business of onion and potatoes who filed his return for AY 2017-18 at Rs.3,45,749/-. The case was re-opened for the reason that assessee had purchased immovable properties for Rs.33,18,000/- whose value was Rs.48,11,989/- as per the Stamp Valuation Authority (SVA). After noticing the difference of Rs.14,93,9...