SOURABH SHARMA,JAIPUR vs. PCIT,JAIPUR-2, JAIPUR

ITA 240/JPR/2023Status: DisposedITAT Jaipur22 November 2023AY 2018-19Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)34 pages
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What did the Tribunal hold?

The Tribunal held that the AO had conducted relevant inquiries and applied its mind to the facts on record. The PCIT's assumption of jurisdiction under Section 263 was found to be unsustainable as it was based on a change of opinion and lacked proper material to deem the assessment order erroneous.

What were the facts?

The assessee's case was selected for limited scrutiny regarding business expenses. The Assessing Officer (AO) completed the assessment without making additions. The Principal Commissioner of Income Tax (PCIT) initiated revision proceedings under Section 263, alleging the assessment order was erroneous and prejudicial to revenue due to unverified sales promotion expenses.

What were the issues?

Whether the PCIT correctly invoked Section 263 to revise the assessment order when the AO had applied its mind and conducted inquiries, or if it was merely a change of opinion.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3)

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Income Tax Appellate Tribunal, JAIPUR BENCHES,”A” JAIPUR

Before: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA. No. 240/JP/2023

For Appellant: Shri Mahendra Gargieya (Adv.) jktLo dh vksj ls@
Hearing: 05/10/2023Pronounced: 22/11/2023

PER: RATHOD KAMLESH JAYANTBHAI, AM This appeal is filed by assessee and is arising out of the order of the Principal Commissioner of Income Tax dated 29/03/2023 [here in after (PCIT)] for assessment year 2018-19, which in turn arise from the order of the AO dated 23.11.2020 passed under 143(3) r.w.s 143(3A) & 143(3B) of the Income Tax Act, [ here in after referred to as Act ].

2.

The assessee has marched this appeal on the

The order continues below.

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