Case Law Details
Vanishree Holabasu Shettar Vs PCIT (ITAT Bangalore)
ITAT Bangalore held that before setting aside the matter the PCIT must have some material which would enable to form prima facie opinion that the order passed by the AO is erroneous in so far as it is prejudicial to the interest of the Revenue. Revision under section 263 of Income Tax Act not possible on guess work.
Facts-
The assessment of the assessee was completed u/s. 143(3) of the Act assessing the total income at Rs.18,21,581/- after disallowing the agricultural expenses amounting to Rs.1,27,461/-. The assessee received a show cause notice u/s. 263 of the Act from the PCIT proposing to set aside the assessment order u/s. 143(3) for the reason that the same is erroneous and prejudicial to the interest of the Revenue.
The assessee is in appeal before the Tribunal against the order of the PCIT.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
Author Bio
