https://www.taxtmi.com/caselaws?id=445009 ITAT Surat quashed PCIT's revision order u/s 263 regarding limited scrutiny assessment. The assessee's case was selected for limited scrutiny solely to examine share capital and other capital receipts. AO properly examined these specified items and passed assessment order u/s 143(3). PCIT erroneously raised issues concerning sale of shops and long-term capital gain computation, which were outside the scope of limited scrutiny. ITAT held that AO cannot examine issues beyond the limited scrutiny notice unless converted to unlimited scrutiny with higher authority permission. Since AO conducted detailed examination of specified matters with proper verification, the assessment order was neither erroneous nor prejudicial to revenue. Appeal decided in favour of assessee. en-us Mon, 16 Oct 2023 00:00:00 +0530 Sat, 28 Oct 2023 08:34:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445009 ITAT Surat quashed PCIT's revision order u/s 263 regarding limited scrutiny assessment. The assessee's case was selected for limited scrutiny solely to examine share capital and other capital receipts. AO properly examined these specified items and passed assessment order u/s 143(3). PCIT erroneously raised issues concerning sale of shops and long-term capital gain computation, which were outside the scope of limited scrutiny. ITAT held that AO cannot examine issues beyond the limited scrutiny notice unless converted to unlimited scrutiny with higher authority permission. Since AO conducted detailed examination of specified matters with proper verification, the assessment order was neither erroneous nor prejudicial to revenue. Appeal decided in favour of assessee. Case-Laws Income Tax Mon, 16 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445009