Section 263 Invoked for TDS Default on Freight: ITAT Patna Upholds Revisionary Order

Deepak Shrawan Budhia Vs CIT (ITAT Patna) Section 263 Invoked for TDS Default on Freight: ITAT Patna Upholds Revisionary Order The Patna Bench of the ITAT dismissed the assessee’s appeal and upheld the Principal CIT’s revisionary order u/s 263 for AY 2018-19, holding that the reassessment order passed by the AO was erroneous and prejudicial to the interests of the Revenue. The PCIT found that the AO, while completing reassessment u/s 147 r.w.s. 143(3) and 144B, failed to apply TDS provisions on freight payments and consequently did not invoke section 40(a)(ia), despite freight expenses of ...