https://www.taxtmi.com/caselaws?id=438826 The Tribunal quashed the order passed by the PCIT under Section 263 of the Income Tax Act, ruling it invalid. The Tribunal found that the PCIT unjustifiably expanded the scope of limited scrutiny and incorrectly classified high sea sales as speculative transactions. The AO was not required to investigate beyond the issues selected for limited scrutiny, and the PCIT's actions were outside the permissible scope. Consequently, the assessee's appeal was allowed. en-us Wed, 07 Jun 2023 00:00:00 +0530 Tue, 02 Jan 2024 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438826 The Tribunal quashed the order passed by the PCIT under Section 263 of the Income Tax Act, ruling it invalid. The Tribunal found that the PCIT unjustifiably expanded the scope of limited scrutiny and incorrectly classified high sea sales as speculative transactions. The AO was not required to investigate beyond the issues selected for limited scrutiny, and the PCIT's actions were outside the permissible scope. Consequently, the assessee's appeal was allowed. Case-Laws Income Tax Wed, 07 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438826