https://www.taxtmi.com/highlights?id=68791 Revision u/s 263 - Accumulation of income u/s 11(2) - Deemed income accumulation - debatable issue - As categorically explained that deemed income charged u/s. 11(3) is in excess of income shown in its account. Thus, from both these circulars it can be seen that the exemption u/s. 11(1) is not available for the deemed income u/s. 11(3). - the view taken by LD AO is debatable therefore, the powers u/s. 263 of the act of the Ld. PCIT are ousted - AT en-us Sat, 18 Mar 2023 11:40:08 +0530 Sat, 18 Mar 2023 11:40:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=68791 Revision u/s 263 - Accumulation of income u/s 11(2) - Deemed income accumulation - debatable issue - As categorically explained that deemed income charged u/s. 11(3) is in excess of income shown in its account. Thus, from both these circulars it can be seen that the exemption u/s. 11(1) is not available for the deemed income u/s. 11(3). - the view taken by LD AO is debatable therefore, the powers u/s. 263 of the act of the Ld. PCIT are ousted - AT Highlights Income Tax Sat, 18 Mar 2023 11:40:08 +0530 https://www.taxtmi.com/highlights?id=68791