Kerala HC upholds Revision Proceedings to correct wrong Rate of Income Tax

Prestige Marketing Division Vs PCIT (Kerala High Court) The Kerala High Court, in its recent judgment, addressed a crucial matter involving the Prestige Marketing Division and the Principal Commissioner of Income Tax (PCIT). The court examined the PCIT’s authority to initiate revision proceedings, specifically focusing on correcting the applied rate of tax in the assessment order. Detailed Analysis: The petitioner, challenging the judgment of the learned Single Judge, raised concerns regarding the PCIT’s exercise of revision power under Section 263 of the Income Tax Act during the ...