PCIT can’t invoke Section 263 to deny Section 80G deduction for CSR donations

Inter Gold (India) Private Limited Vs PCIT (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has delivered a significant ruling in favor of Inter Gold (India) Private Limited, setting aside a revisionary order issued by the Principal Commissioner of Income Tax (PCIT) for the Assessment Year 2018-19. The Tribunal’s decision, pronounced today, restores the original assessment order passed by the Assessing Officer (AO), concluding that it was neither erroneous nor prejudicial to the interest of the Revenue. The case stemmed from an appeal filed by Inter Gold (India) Private ...