Section 263 Revision Quashed as AO Had Examined Section 80G Claim on CSR Expenses

Livlong Insurance Brokers Limited Vs PCIT (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, partly allowed the assessee’s appeal against an order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income-tax Act, 1961 for Assessment Year 2020-21. The revision proceedings concerned two issues: deduction under Section 80G in respect of Corporate Social Responsibility (CSR) expenditure and deduction of Employee Stock Option Plan (ESOP) expenses. Regarding the Section 80G deduction, the PCIT held that the assessment order was erroneous and prejudicia...