Section 263 Revision Upheld Due to AO’s Failure to Examine ₹669 Crore Trust Receipt

Buckeye Trust Vs PCIT-2 (ITAT Bangalore)

The appeal before the Income Tax Appellate Tribunal (ITAT), Bangalore Bench, concerned the validity of a revisionary order passed under section 263 of the Income Tax Act, 1961 for Assessment Year 2018-19 . The assessee, a private discretionary trust created on 23.01.2018 under the Indian Trusts Act, 1882, received assets amounting to ₹669,27,63,437 from the settlor on 31.03.2018. The assets were in the form of interest in partnership firms and investments in unlisted shares and were reflected under “Trust Fund” and “Investments” in

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