Case Law Details
Learning Curve Edutech Solutions Pvt. Ltd. Vs PCIT (ITAT Mumbai)
ITAT held that PCIT cannot revise an assessment order under sections 263 of Income Tax Act, 1961 in respect of issues already covered during assessment.
The law is very well settled that revision jurisdiction under section 263 of the Act could be done only in the case of ‘lack of enquiry’ by the learned Assessing Officer. In this case facts clearly prove that there has not been any ‘lack of enquiry’ by the learned Assessing Hence, learned PCIT categorically erred in invoking revision jurisdiction under section 263 of the Act in the instant case on the issue of examination of share premium in the context of section 56(2)(vii)(b) of the Act.
FULL TEXT OF THE ORDER OF ITAT MUMBAI
This appeal is directed against the order passed by learned Principal Commissioner of Income Tax (PCIT)-7, Mumbai under section 263 of the I.T. Act vide order dated 02.12.2019.
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