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Case Law Details

Case Name : Veena Shah Vs PCIT (ITAT Delhi)
Related Assessment Year : 2018 -19
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Veena Shah Vs PCIT (ITAT Delhi)

Power of the Principal Commissioner of Income Tax (PCIT) Under Section 263 and Taxability of Interest on Enhanced Compensation

Introduction

The Principal Commissioner of Income Tax (PCIT) holds the power under Section 263 of the Income Tax Act, 1961, to revise any assessment order that is erroneous and prejudicial to the interest of the revenue. This power ensures that incorrect tax assessments, which may result in loss of revenue to the government, can be rectified.

A crucial case where this pow

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Author Bio

I am a lawyer with a strong foundation in commerce and taxation. My academic journey began at Delhi University, where I pursued a B.Com (Hons) degree, excelling in Taxation with a score of 71/75. Building on this financial and legal acumen, I went on to earn my law degree from Law College, Delhi Uni View Full Profile

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