Whether power u/s.263 can be utilized by CIT to revise intimation u/s.143(1) ?

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A recent decision of Punjab & Haryana High Court in the case of CIT vs Kartar Singh & Co. (P) Ltd. 300 ITR 440 has taken into account almost all the conflicting decision of various High Court as referred above and also the decision of the Apex Court in the case of Rajesh Jhaveri Stock Brokers (P) Ltd. and held that CIT has no power of revision under section 263 in case of summary and acknowledgement are sent to the Assessee after filing of return.

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