https://www.taxtmi.com/caselaws?id=407631 The Tribunal allowed the appeal, quashing the Ld. PCIT's order under section 263 of the Income Tax Act, 1961, regarding the deduction of insurance premium. The Tribunal ruled that the Ld. PCIT improperly invoked revisional jurisdiction as the AO had not inquired into the insurance premium issue, which was not part of the limited scrutiny under CASS. Emphasizing compliance with CBDT circulars, the Tribunal held that the Ld. PCIT's actions exceeded the authorized scope of inquiry. Consequently, the Tribunal nullified all further actions, including the impugned order, due to the lack of jurisdiction in addressing the insurance premium deduction issue. en-us Fri, 09 Apr 2021 00:00:00 +0530 Mon, 17 May 2021 08:34:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407631 The Tribunal allowed the appeal, quashing the Ld. PCIT's order under section 263 of the Income Tax Act, 1961, regarding the deduction of insurance premium. The Tribunal ruled that the Ld. PCIT improperly invoked revisional jurisdiction as the AO had not inquired into the insurance premium issue, which was not part of the limited scrutiny under CASS. Emphasizing compliance with CBDT circulars, the Tribunal held that the Ld. PCIT's actions exceeded the authorized scope of inquiry. Consequently, the Tribunal nullified all further actions, including the impugned order, due to the lack of jurisdiction in addressing the insurance premium deduction issue. Case-Laws Income Tax Fri, 09 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407631