Alleged freebees to Doctors: CIT cannot assume jurisdiction on mere presumptions

M/s SRL Diagnostics Pvt. Ltd. Vs PCIT (ITAT Mumbai)

Mere finding the assessment order is erroneous does not give power to Ld. PCIT to annul the assessment order. It is duty imposed by the provision of section 263 that Ld. PCIT has to determine and satisfy both the conditions that the order passed by AO is erroneous in so far as it is prejudicial to the interest of revenue. It is settle position as per legal precedents that to initiate proceedings under section 263, both conditions i.e. order is erroneous and

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