Capital Introduced from Family Concern: ITAT Quashes Sec 263 Order for Lack of PCIT’s Enquiry Findings

Umesh Garg Vs ITO (ITAT Delhi) Income Tax Appellate Tribunal (ITAT), Delhi Bench, has allowed the appeal filed by Umesh Garg, proprietor of M/s A.R. Foods, quashing a revision order passed by the Principal Commissioner of Income Tax (PCIT), Meerut, under Section 263 of the Income Tax Act, 1961, for Assessment Year 2011-12. The ITAT concluded that the original assessment order was neither erroneous nor prejudicial to the interest of the revenue. The case stemmed from the assessment year 2011-12, for which Umesh Garg had filed his return declaring an income of Rs. 2,26,070/-. The assessment was ...