Indian City Properties Limited Vs Pr.CIT, Kolkata-2
Parties Involved
Facts Summary
The assessee, Indian City Properties Limited, filed its return of income for the assessment year 2020-2021 declaring a total income of Rs.23,35,26,000/-. The case was selected for scrutiny, and the assessment was framed under sections 143(3)/144B of the Act, accepting the returned income. Subsequently, the JAO/DCIT, Circle-5(1) Kolkata brought certain issues to the notice of the Pr.CIT, leading to the issuance of a notice under section 263 of the Act. The Pr.CIT revised the assessment, directing the AO to frame the assessment afresh. The assessee contested this revision, arguing that the jurisdiction exercised by the Pr.CIT was not sustainable under the law.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the exercise of jurisdiction by the Pr.CIT under section 263 of the Act was valid.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
6 precedents cited in this judgement.
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