PCIT’s Order Under Section 263 Quashed for Violating CBDT Circular No. 19/2019

Gerah Enterprises P. ltd. Vs PCIT (ITAT Mumbai) Gerah Enterprises vs. PCIT (ITAT Mumbai): CBDT Circular No. 19/2019 and the Quashing of Section 263 Order In the complex world of income tax assessments, disputes often arise between taxpayers and the tax authorities. One of the significant tools available to the tax department to rectify apparent errors in assessments is Section 263 of the Income Tax Act, 1961. This section empowers the Principal Commissioner of Income Tax (PCIT) to revise an order if it appears erroneous and prejudicial to the interests of the revenue. However, as with many leg...