https://www.taxtmi.com/caselaws?id=456499 ITAT Hyderabad set aside PCIT's revision order u/s 263 regarding unaccounted property investments. The tribunal held that AO's assessment was legally sustainable as partners had admitted cash payments as undisclosed income during search proceedings, which was properly taxed in their hands. PCIT's attempt to additionally tax the same amount in the firm's hands would constitute double taxation. Since AO took a possible view by avoiding double taxation and properly assessed amounts per sale deeds in relevant assessment years, PCIT lacked jurisdiction to invoke s.263 merely due to disagreement with AO's approach. en-us Tue, 31 Jan 2023 00:00:00 +0530 Tue, 30 Jul 2024 20:10:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456499 ITAT Hyderabad set aside PCIT's revision order u/s 263 regarding unaccounted property investments. The tribunal held that AO's assessment was legally sustainable as partners had admitted cash payments as undisclosed income during search proceedings, which was properly taxed in their hands. PCIT's attempt to additionally tax the same amount in the firm's hands would constitute double taxation. Since AO took a possible view by avoiding double taxation and properly assessed amounts per sale deeds in relevant assessment years, PCIT lacked jurisdiction to invoke s.263 merely due to disagreement with AO's approach. Case-Laws Income Tax Tue, 31 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456499