Unreasoned Assessment Order Justifies Section 263 Revision: Delhi HC

PCIT Vs LG Electronics India Pvt. Ltd. (Delhi High Court) The Delhi High Court considered whether the ITAT had erred in holding that the Commissioner of Income Tax (CIT) could not exercise revisional jurisdiction under Section 263(1) of the Income-tax Act. The assessee had claimed that subsidy of ₹49,38,00,503 received under a Government of Maharashtra scheme was a capital receipt not chargeable to tax. The Assessing Officer accepted the claim without discussion or recording reasons. Read SC Judgment in this case: SC Upholds Section 263 Revision Due to Unreasoned Assessment Order The CIT in...