https://www.taxtmi.com/caselaws?id=756720 The ITAT Delhi allowed the assessee's appeal against PCIT's revision order u/s 263. The PCIT had directed fresh examination of share valuation u/s 56(2)(viib) and sources of long-term loans. The tribunal held the revision order was beyond jurisdiction as: (i) it exceeded the scope of limited scrutiny which was only for investment in unquoted shares; (ii) no show cause notice was issued for the long-term loans issue; (iii) the AO had already examined the flagged issues; and (iv) the PCIT's share valuation determination violated Rule 11UA provisions allowing assessee's discretion in valuation methods. en-us Mon, 05 Aug 2024 00:00:00 +0530 Thu, 08 Aug 2024 09:10:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756720 The ITAT Delhi allowed the assessee's appeal against PCIT's revision order u/s 263. The PCIT had directed fresh examination of share valuation u/s 56(2)(viib) and sources of long-term loans. The tribunal held the revision order was beyond jurisdiction as: (i) it exceeded the scope of limited scrutiny which was only for investment in unquoted shares; (ii) no show cause notice was issued for the long-term loans issue; (iii) the AO had already examined the flagged issues; and (iv) the PCIT's share valuation determination violated Rule 11UA provisions allowing assessee's discretion in valuation methods. Case-Laws Income Tax Mon, 05 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756720