Section 263 invocable as non-verification of trade discount vis-à-vis TDS makes assessment order erroneous

Advertisement Konda Srinivasaiyer Damodharan Kishori Lal Vs PCIT (ITAT Chennai) ITAT Chennai held that AO failed to verify the issue of trade discount in the light of provisions of section 194C/ 194H and hence the assessment order passed by AO is erroneous. Accordingly, revisionary power under section 263 stand invocable. Facts- The case of the assessee was taken up for revision proceedings by the PCIT, Madurai-1, and a show cause notice u/s. 263 of the Act was served on the assessee. In the said show cause notice, the PCIT had taken up the issue of cash discount and turnover discount allow...