ITAT Restricts Section 263 Revision as Prior Period Expenditure Was Verified in Consequential Assessment

Advertisement United India Insurance Co. Limited Vs PCIT (ITAT Chennai) The assessee appealed before the Income Tax Appellate Tribunal (ITAT), Chennai, against the order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income Tax Act for Assessment Year (AY) 2020-21. The PCIT had revised the assessment on the grounds that the Assessing Officer (AO) had failed to conduct adequate enquiry regarding (i) prior period expenditure of ₹14,20,76,396, (ii) Corporate Social Responsibility (CSR) expenditure, and (iii) interest paid under Sections 201(1A)/206C for de...