https://www.taxtmi.com/caselaws?id=406320 The ITAT allowed the appeal, setting aside the PCIT's order under section 263. The Tribunal held that the AO's assessment order was not erroneous as it aligned with previous decisions. The PCIT wrongly exercised revisionary powers under section 263, emphasizing the importance of consistent interpretation and application of tax provisions, particularly regarding the timing of share issuance in relation to the taxation of excess consideration. en-us Wed, 24 Feb 2021 00:00:00 +0530 Sun, 11 Apr 2021 13:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406320 The ITAT allowed the appeal, setting aside the PCIT's order under section 263. The Tribunal held that the AO's assessment order was not erroneous as it aligned with previous decisions. The PCIT wrongly exercised revisionary powers under section 263, emphasizing the importance of consistent interpretation and application of tax provisions, particularly regarding the timing of share issuance in relation to the taxation of excess consideration. Case-Laws Income Tax Wed, 24 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406320