Mere differences in opinion between ITO & PCIT cannot justify revision: Delhi HC

PCIT Vs Gehna Jewellers Pvt. Ltd. (Bombay High Court) The Bombay High Court dismissed an appeal filed by the Principal Commissioner of Income Tax (PCIT), upholding the Income Tax Appellate Tribunal’s (ITAT) decision to quash a revisionary order against Gehna Jewellers Pvt. Ltd. for the Assessment Year (AY) 2012-2013. The case centered on the PCIT’s invocation of powers under Section 263 of the Income Tax Act, 1961, to revise the original assessment order, claiming it was “erroneous and prejudicial to the interests of the Revenue.” PCIT’s Revisionary Order and Key ...