https://www.taxtmi.com/caselaws?id=762523 The ITAT Bangalore held that the PCIT's revision under section 263 was unjustified. The assessee had invested in subsidiary company shares, acquiring them at Rs. 13.52 per share (not Rs. 10 face value as incorrectly stated by PCIT), paying Rs. 3,282,98,42,109 for 252,41,61,440 shares. The ITAT found the PCIT made factually incorrect observations and that no error existed in the AO's assessment order. Since the twin conditions for invoking section 263 (error prejudicial to revenue) were not satisfied, the assessee's appeal was allowed. en-us Mon, 18 Nov 2024 00:00:00 +0530 Tue, 03 Dec 2024 08:44:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762523 The ITAT Bangalore held that the PCIT's revision under section 263 was unjustified. The assessee had invested in subsidiary company shares, acquiring them at Rs. 13.52 per share (not Rs. 10 face value as incorrectly stated by PCIT), paying Rs. 3,282,98,42,109 for 252,41,61,440 shares. The ITAT found the PCIT made factually incorrect observations and that no error existed in the AO's assessment order. Since the twin conditions for invoking section 263 (error prejudicial to revenue) were not satisfied, the assessee's appeal was allowed. Case-Laws Income Tax Mon, 18 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762523