PCIT’s S.263 action invalid as It Constitutes an Impermissible Second Opinion: ITAT allows Appeal [Read Order]

The tribunal found that the Assessing Officer had adequately examined the borrowing and confirmed that it did not attract interest
By Sneha Sukumaran Mullakkal - On October 4, 2024 3:31 pm - 2 mins read
ITAT - Income Tax Appellate Tribunal - PCIT - Principal Commissioner of Income Tax - Section 263 - TAT news - TAXSCAN

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) ruled that the Principal Commissioner of Income Tax’s (PCIT) action under Section 263 was invalid as it constituted an impermissible second opinion for the Assessment Year(AY) 2018-19. Black Rock Financial Services Pvt. Ltd.,the appellant-assessee,filed its return of income for the Assessment Year 2018-19 on 06.09.2018, reporting…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹2299 + GST for 1 year

Subscribe Now

Already a member? Log in here

Topics

taxscan-loader