Section 263 Order Unsustainable: PCIT’s Action on Inflated Stock Statement Lacks Inquiry

PCIT Vs Dimple Murarka (Orissa High Court)

Introduction: The case of PCIT vs Dimple Murarka in the Orissa High Court is an intriguing legal matter, dealing with the Section 263 order and a challenging situation involving an inflated stock statement. The ruling has several significant aspects, including the tribunal’s reliance on previous Supreme Court and High Court judgments.

Detailed Analysis:

1. Background and Appeals: The appellant/revenue contested the judgment by the Income Tax Appellate Tribunal (ITAT), Cuttack Bench, which interfered with the order of revision made by the Principal Commissioner of Income Tax (PCIT). The main contention was an inflated stock statement submitted by the assessee to the bank.

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