ITAT Delhi Quashed Section 263 Revision as AO Took a Possible View

Mukul Rohatgi Vs PCIT (ITAT Delhi) This appeal arose from a revision order passed under Section 263 of the Income-tax Act, 1961 for Assessment Year 2020-21. The original assessment was completed under Section 143(3) read with Section 144B. The Principal Commissioner of Income Tax (PCIT) revised the assessment on three main issues: (i) taxability of certain mutual funds as long-term or short-term capital gains, (ii) Annual Letting Value (ALV) of various properties in India and abroad, and (iii) non-initiation of penalty proceedings under Section 271C for alleged non-deduction of TDS. On the fir...