Section 263 cannot be invoked When AO Conducts Reasonable Inquiry: SC Affirms

PCIT Vs Shreeji Prints Pvt. Ltd. (Supreme Court of India) Supreme Court has dismissed a special leave petition filed by the Principal Commissioner of Income Tax (PCIT) against Shreeji Prints Pvt. Ltd., affirming the order of the Gujarat High Court. The High Court had earlier upheld the Income Tax Appellate Tribunal’s (ITAT) decision to cancel the PCIT’s order under Section 263 of the Income Tax Act, 1961. This section allows the PCIT to revise an assessment order if it is deemed erroneous and prejudicial to the revenue’s interest. Read Gujarat High Court Order: Different Vie...