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of <h1>PCITs Must Decide on Section 263 for Revenue Audit Objections; AOs to Independently Review if Not Invoked.</h1> The circular outlines the procedure for taking remedial action when a Revenue Audit objection is accepted. It mandates the Principal Chief Commissioners of Income Tax (PCIT) to decide if the order under audit requires revision under section 263 of the Income Tax Act, 1961. If the PCIT opts not to invoke section 263, the Assessing Officer (AO) must independently examine the case facts and decide on suitable action. If section 154 is chosen as the remedial measure, it requires approval from the Range head. The circular emphasizes adherence to these procedures to avoid unfavorable judgments in appellate stages.
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