R.V. Interior Pvt. Ltd. vs. PCIT
Case No: ITA No.452/DEL/2022
Court: INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH ‘F’
Date: 3/28/2025
Parties Involved
appellantR.V. Interior Pvt. Ltd.
respondentPCIT
Facts Summary
The assessee, R.V. Interior Pvt. Ltd., filed its return of income for Assessment Year 2016-17 declaring an income of Rs. 21,36,144/-. The case was selected for limited scrutiny to verify the large increase in investment in unlisted equities and high interest expenses relatable to exempt income under section 14A of the Income Tax Act, 1961. The assessee submitted that there were no investments in shares and that the investments were for the purchase of property as part of the business. The Assess…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the assessment order is erroneous and prejudicial to the interests of the Revenue.
- 2. Whether the PCIT was justified in invoking section 263 of the Income Tax Act.
Precedents Relied Upon
20 precedents cited in this judgement.