https://www.taxtmi.com/caselaws?id=445903 The ITAT PUNE-AT quashed a revision proceeding under section 263 initiated by the PCIT regarding taxability of government grants. The tribunal held that the PCIT failed to independently examine the assessment record and instead relied solely on the AO's request for revision dated 22-03-2018. The court ruled that both conditions under section 263 - calling for and examining records, and independently determining the order as erroneous and prejudicial to revenue - must be cumulatively satisfied by the CIT alone. Since the PCIT exercised jurisdiction wrongfully without independent examination, the revision was quashed in favor of the assessee. en-us Thu, 19 Oct 2023 00:00:00 +0530 Tue, 21 Nov 2023 15:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445903 The ITAT PUNE-AT quashed a revision proceeding under section 263 initiated by the PCIT regarding taxability of government grants. The tribunal held that the PCIT failed to independently examine the assessment record and instead relied solely on the AO's request for revision dated 22-03-2018. The court ruled that both conditions under section 263 - calling for and examining records, and independently determining the order as erroneous and prejudicial to revenue - must be cumulatively satisfied by the CIT alone. Since the PCIT exercised jurisdiction wrongfully without independent examination, the revision was quashed in favor of the assessee. Case-Laws Income Tax Thu, 19 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445903