Proper Enquiry done by AO: ITAT quashes Revision Order u/s 263 of Income Tax Act [Read Order]

ITAT held that PCIT cannot be justified for invoking explanation 2 to Section 263 of the Income Tax Act, 1961, as proper enquiry was made by the AO
By Saagarika Gopinath - On August 27, 2024 11:47 am - 2 mins read
Income Tax - ITAT - ITAT Ahmedabad - Revision order under Income Tax - TAXSCAN

The Ahmedabad bench of ITAT quashed the revision passed under Section 263 of the Income Tax Act, 1961, observing that the Assessing Officer had conducted a proper enquiry. In this case, the assessee, Posun Credit Co.Op. Society Limited had filed an income tax return (ITR) declaring its income at nil on 03.08.2018 for the assessment…

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