https://www.taxtmi.com/caselaws?id=755356 The ITAT Delhi held that the PCIT exceeded jurisdiction under section 263 when revising an assessment order. The case was originally reopened to examine a cash deposit of Rs. 44 lakh in the assessee's bank account. The Assessing Officer was satisfied with the explanation and made no addition for the recorded reasons. The PCIT later sought to disallow exemptions under sections 54B and 54F for capital gains, but the ITAT ruled that since the AO had not made additions for the original reopening reasons, he lacked jurisdiction to make other additions. The PCIT's revision order was quashed and the assessee's appeal was allowed. en-us Wed, 26 Jun 2024 00:00:00 +0530 Wed, 10 Jul 2024 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755356 The ITAT Delhi held that the PCIT exceeded jurisdiction under section 263 when revising an assessment order. The case was originally reopened to examine a cash deposit of Rs. 44 lakh in the assessee's bank account. The Assessing Officer was satisfied with the explanation and made no addition for the recorded reasons. The PCIT later sought to disallow exemptions under sections 54B and 54F for capital gains, but the ITAT ruled that since the AO had not made additions for the original reopening reasons, he lacked jurisdiction to make other additions. The PCIT's revision order was quashed and the assessee's appeal was allowed. Case-Laws Income Tax Wed, 26 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755356