https://www.taxtmi.com/highlights?id=71163 Revision u/s 263 - at the time of exercise of jurisdiction under Section 263, admittedly, proceedings before AAR was pending on the issue of taxability of receipts from offshore supply contract. That being the case, learned CIT being conscious of the fact that proceeding is pending before AAR should not have initiated proceedings under Section 263 of the Act as two parallel proceedings on the same issue, cannot be initiated at a given point of time. - AT en-us Fri, 28 Jul 2023 15:20:55 +0530 Fri, 28 Jul 2023 15:20:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=71163 Revision u/s 263 - at the time of exercise of jurisdiction under Section 263, admittedly, proceedings before AAR was pending on the issue of taxability of receipts from offshore supply contract. That being the case, learned CIT being conscious of the fact that proceeding is pending before AAR should not have initiated proceedings under Section 263 of the Act as two parallel proceedings on the same issue, cannot be initiated at a given point of time. - AT Highlights Income Tax Fri, 28 Jul 2023 15:20:55 +0530 https://www.taxtmi.com/highlights?id=71163