https://www.taxtmi.com/caselaws?id=754519 ITAT Ahmedabad held that PCIT cannot invoke revisional jurisdiction under section 263 when AO conducted limited scrutiny assessment under section 143(3) following CBDT instructions. The AO properly considered all relevant facts within limited scrutiny parameters and disallowed interest deduction under section 57 after due application of mind. PCIT's revision powers are restricted to issues examined during limited scrutiny and cannot extend to matters like agricultural receipts and expenditure adequacy that were outside the limited scrutiny scope. The assessment order was not erroneous or prejudicial to revenue interests. Appeal allowed. en-us Wed, 31 Jan 2024 00:00:00 +0530 Wed, 26 Jun 2024 08:29:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754519 ITAT Ahmedabad held that PCIT cannot invoke revisional jurisdiction under section 263 when AO conducted limited scrutiny assessment under section 143(3) following CBDT instructions. The AO properly considered all relevant facts within limited scrutiny parameters and disallowed interest deduction under section 57 after due application of mind. PCIT's revision powers are restricted to issues examined during limited scrutiny and cannot extend to matters like agricultural receipts and expenditure adequacy that were outside the limited scrutiny scope. The assessment order was not erroneous or prejudicial to revenue interests. Appeal allowed. Case-Laws Income Tax Wed, 31 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754519