Failure of AO to Consider Sale of Scrap is Erroneous and Prejudicial to Interest of Revenue: ITAT Allows Exercise of Revisionary Power to PCIT [Read Order]

By Ipsita Das - On August 21, 2023 9:00 am - 2 mins read
Failure of AO to Consider Sale of Scrap - Interest of Revenue - Sale of Scrap -ITAT Allows Exercise of Revisionary Power to PCIT -ITAT - taxscan

The Pune Bench of Income Tax Appellate Tribunal (ITAT) held that failure of Assessing Officer (AO) in non-consideration of sale of scrap in the total revenue is erroneous and prejudicial to interest of revenue and thus the Tribunal allowed the Principal Commissioner of Income Tax (PCIT) to exercise revisionary power under Section 263 of Income…

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