ITAT Mumbai Quashes PCIT Section 263 Order for Wrong Assessment Year

Johar Hasan Zojwalla Vs PCIT (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT) Mumbai has allowed the appeal of taxpayer Johar Hasan Zojwalla, setting aside a revisionary order issued by the Principal Commissioner of Income Tax (PCIT), Thane – 1. The ITAT’s decision hinged on a critical factual error by the PCIT regarding the relevant assessment year for a property transaction, thereby invalidating the assumption of jurisdiction under Section 263 of the Income Tax Act, 1961. Johar Hasan Zojwalla, who operates a real estate business under M/s. Sab Realty, had filed his return of income...