https://www.taxtmi.com/highlights?id=65305 Revision u/s 263 by CIT - Jurisdiction exercised by ld PCIT under section 263 of the Act is not in accordance with law. PCIT has selected the item (share capital and share premium) which is not subject matter of reassessment proceedings therefore, order passed by the assessing officer under section 147 r.w.s. 143(3) is neither erroneous nor prejudicial to the interest of revenue. Therefore, jurisdiction exercised by the ld PCIT under section 263 of the Act to tax the share capital and share premium is not valid in the eye of law. - AT en-us Sat, 27 Aug 2022 12:42:54 +0530 Sat, 27 Aug 2022 12:42:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=65305 Revision u/s 263 by CIT - Jurisdiction exercised by ld PCIT under section 263 of the Act is not in accordance with law. PCIT has selected the item (share capital and share premium) which is not subject matter of reassessment proceedings therefore, order passed by the assessing officer under section 147 r.w.s. 143(3) is neither erroneous nor prejudicial to the interest of revenue. Therefore, jurisdiction exercised by the ld PCIT under section 263 of the Act to tax the share capital and share premium is not valid in the eye of law. - AT Highlights Income Tax Sat, 27 Aug 2022 12:42:54 +0530 https://www.taxtmi.com/highlights?id=65305