Case Law Details
Raj Kumar Karanwal Vs PCIT (ITAT Delhi)
In the realm of taxation, the power of the Principal Commissioner of Income Tax (Ld. Pr.CIT) to exercise revisionary jurisdiction is a crucial aspect that can significantly impact taxpayers. The case of Raj Kumar Karanwal vs. PCIT (ITAT Delhi) sheds light on the nuances of this power and when it can be validly exercised.
Background: The case revolves around the assessment year 2010-11 and an individual taxpayer engaged in wholesaling and distributing medicines. The taxpayer initially declared an income of Rs. 3,95,130 and filed the return on 09.12.2010. Subsequently, the tax authorities initiated a re-assessment based on various factors, including cash deposits, property transactions, and more.
Key Issues Raised by the Assessee: The taxpayer raised several critical issues in their appeal against the order of the Principal Commissioner of Income Tax (PCIT):
1. Jurisdiction of PCIT under Section 263.
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