Revisional Power: Difference of Opinion Alone Insufficient to invoke Section 263

Nanak Chand & Co. Vs PCIT (ITAT Delhi) In a recent decision, the Income Tax Appellate Tribunal (ITAT) in Delhi ruled that a difference of opinion alone is insufficient to invoke Section 263 of the Income Tax Act. The case involved a revisional order passed by the Principal Commissioner of Income Tax (Pr.CIT) concerning the assessment order for the assessment year 2017-18. Background: The assessee had e-filed its income tax return for Assessment Year 2017-18, declaring a taxable income of Rs. 1,75,930. The return was selected for scrutiny assessment, with the primary issue being the verific...