https://www.taxtmi.com/caselaws?id=431318 The ITAT ruled in favor of the assessee, quashing the PCIT's revisionary order under section 263 of the Income Tax Act. The ITAT found that the PCIT exceeded its jurisdiction by revising an order not related to the buy-back issue and that the revision was time-barred. Additionally, it was determined that section 115QA did not apply to the case. The ITAT emphasized that rectification orders are not meant for reassessment on debatable issues, leading to the appeal's success. en-us Tue, 22 Nov 2022 00:00:00 +0530 Sat, 10 Dec 2022 11:14:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431318 The ITAT ruled in favor of the assessee, quashing the PCIT's revisionary order under section 263 of the Income Tax Act. The ITAT found that the PCIT exceeded its jurisdiction by revising an order not related to the buy-back issue and that the revision was time-barred. Additionally, it was determined that section 115QA did not apply to the case. The ITAT emphasized that rectification orders are not meant for reassessment on debatable issues, leading to the appeal's success. Case-Laws Income Tax Tue, 22 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431318