Monetary limit also applicable to section 263 proceedings: Bombay HC

PCIT Vs Jayesh V. Sheth (Bombay High Court) Bombay High Court addressed an appeal filed by the Principal Commissioner of Income Tax (PCIT) against Jayesh V. Sheth, challenging an Income Tax Appellate Tribunal (ITAT) order for the assessment years 2010-11, 2011-12, and 2012-13. A related appeal for AY 2012-13 (ITXA No. 2172 of 2018) had already been withdrawn due to a lower tax effect as per the CBDT circular dated September 17, 2024. The key issue in the present appeal (ITXA No. 1906 of 2018 for AY 2011-12) was whether the Commissioner of Income Tax (CIT) could direct the assessing officer to ...