https://www.taxtmi.com/caselaws?id=461947 ITAT Bangalore allowed the assessee's appeal against PCIT's revision order under section 263. The tribunal held that PCIT cannot invoke section 263 to direct AO to obtain fresh DVO report under section 142A when no valuation report was available initially. The PCIT lacked jurisdiction to extend time limitations for DVO report and cannot remedy DVO's failure to provide estimated valuation. The revision order was deemed perverse and without jurisdiction, as it indirectly extended limitation periods beyond statutory provisions. The PCIT's attempt to save limitation under section 153 by invoking section 263 was held unsustainable. en-us Fri, 16 Aug 2024 00:00:00 +0530 Fri, 09 May 2025 17:19:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461947 ITAT Bangalore allowed the assessee's appeal against PCIT's revision order under section 263. The tribunal held that PCIT cannot invoke section 263 to direct AO to obtain fresh DVO report under section 142A when no valuation report was available initially. The PCIT lacked jurisdiction to extend time limitations for DVO report and cannot remedy DVO's failure to provide estimated valuation. The revision order was deemed perverse and without jurisdiction, as it indirectly extended limitation periods beyond statutory provisions. The PCIT's attempt to save limitation under section 153 by invoking section 263 was held unsustainable. Case-Laws Income Tax Fri, 16 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461947