https://www.taxtmi.com/caselaws?id=750656 The ITAT Delhi ruled in favor of the assessee in a revision case under section 263. The PCIT attempted to revise the AO's assessment order regarding dividend income exemption claims, arguing the AO's acceptance was erroneous. The ITAT held that the AO had adequately inquired into the dividend income exemption claim by examining relevant documents including Form 10DB, dividend advice, and trading accounts. Since the AO applied his mind properly and made necessary verifications, the assessment order was neither erroneous nor prejudicial to revenue interests. The PCIT's revisionary powers were deemed unsustainable as the directions went beyond the original scrutiny selection reasons under CASS. en-us Fri, 22 Mar 2024 00:00:00 +0530 Wed, 27 Mar 2024 08:29:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750656 The ITAT Delhi ruled in favor of the assessee in a revision case under section 263. The PCIT attempted to revise the AO's assessment order regarding dividend income exemption claims, arguing the AO's acceptance was erroneous. The ITAT held that the AO had adequately inquired into the dividend income exemption claim by examining relevant documents including Form 10DB, dividend advice, and trading accounts. Since the AO applied his mind properly and made necessary verifications, the assessment order was neither erroneous nor prejudicial to revenue interests. The PCIT's revisionary powers were deemed unsustainable as the directions went beyond the original scrutiny selection reasons under CASS. Case-Laws Income Tax Fri, 22 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750656