https://www.taxtmi.com/caselaws?id=761703 The ITAT Delhi allowed the assessee's appeal against PCIT's revision order under Section 263 regarding share premium received in AY 2014-15. The tribunal held that where the AO conducted necessary inquiry and applied due mind during limited scrutiny assessment, the PCIT cannot assume jurisdiction to revise merely because different inquiries could have been conducted. The PCIT failed to establish how share premium received in 2013-14 constituted escaped income for AY 2014-15, found no documentary flaws, and provided inadequate reasons for concluding the assessment was erroneous and prejudicial to revenue. The revision order was deemed beyond jurisdiction and void ab initio. en-us Tue, 12 Nov 2024 00:00:00 +0530 Thu, 14 Nov 2024 12:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761703 The ITAT Delhi allowed the assessee's appeal against PCIT's revision order under Section 263 regarding share premium received in AY 2014-15. The tribunal held that where the AO conducted necessary inquiry and applied due mind during limited scrutiny assessment, the PCIT cannot assume jurisdiction to revise merely because different inquiries could have been conducted. The PCIT failed to establish how share premium received in 2013-14 constituted escaped income for AY 2014-15, found no documentary flaws, and provided inadequate reasons for concluding the assessment was erroneous and prejudicial to revenue. The revision order was deemed beyond jurisdiction and void ab initio. Case-Laws Income Tax Tue, 12 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761703