Supreme Court · 2023 INSC 325 · Decided 6 April 2023
Commissioner of Income Tax 7 v. M/S Paville Projects PVT. LTD.
- Court
- Supreme Court of India
- Citation
- 2023 INSC 325 · [2023] 3 S.C.R. 310
- Case number
- CIVIL APPEAL No. 6126/2021
- Decided
- 6 April 2023
- Bench
- M.R. SHAH, A.S. BOPANNA (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 263, 263(1)
Headnote
COURT REPORTS [2023] 3 S.C.R. COMMISSIONER OF INCOME TAX 7 v. M/S PAVILLE PROJECTS PVT. LTD. (Civil Appeal No. 6126 of 2021) APRIL 06, 2023 [M. R. SHAH AND A. S. BOPANNA JJ.] Income Tax Act, 1961 - s.263 - Exercise of jurisdiction under - Respondent filed its income tax return sale proceeds to pay off the shareholders and therefore, the said discharge of encumbrances was "cost of improvement" - Assessment accepted by AO u/s. 143(3) - However, the Commissioner invoked jurisdiction u/s. 263 of the IT Act and held that the assessment order passed
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