Tag: cit revision 263
Revisionary order u/s 263 quashed as PCIT made no discussion why he did not agree with the submissions of the assessee In a recent judgment, the ITAT Lucknow has set aside revisionary order u/s 263 as PCIT made no discussion in the impugned order on the submissions made …
Commissioner cannot exercise jurisdiction under section 263 of the Act, when assessment has been made after obtaining approval of the Range Head In a recent judgment, ITAT Lucknow quashed revisionary order u/s 263 confirming that Commissioner cannot exercise jurisdiction under section 263 when assessment has been made after …
No Revision u/s 263 when AO after careful examination and detail enquiry took a plausible view that the provisions of section 115BBE of the Act are not applicable. In a recent judgment, ITAT Amritsar held that where the Assessing Officer (AO) after careful examination of the submissions made …
Assessee not expected to prove the negative that he has not availed fictitious loan – ITAT In a recent judgment, Chennai ITAT quashed revisionary proceedings u/s 263 holding that assessee cannot be expected to prove the negative that he has not availed fictitious loan in the absence of …
Revision u/s 263 upheld as AO accepted creditworthiness of lender merely on the basis of acknowledgement of ITRs In a recent judgment, ITAT Pune has upheld the revision u/s 263 where Assessing Officer accepted the creditworthiness of the lender merely on the basis of the copies of the …
PCIT exercising revisionary power u/s 263 cannot direct the AO to do again and again enquiry the way the PCIT wants – ITAT In a recent judgment, the ITAT Jodhpur has observed that PCIT exercising revisionary power u/s 263 cannot direct the AO to do again and again …
Revision u/s 263 was correct as AO did not conduct any enquiry to verify if land sold was beyond prescribed Municipal Limits – High Court. In a recent judgment, Hon’ble Delhi High Court held that the assessment order passed by the Assessing Officer (AO) was erroneous in so …
There is no willful default of furnishing inaccurate particulars of income if disallowance made u/s 40(a)(ia) In a recent judgment, ITAT Cuttack has held that where a disallowance is made by invoking the provisions of section 40(a)(ia) of the act for default for non-deduction of TDS, it cannot …
Income surrender during survey on account of low GP rate not taxable to higher tax rate under deeming provisions u/s 115BBE – ITATÂ In a recent judgment, the ITAT Chandigarh has held that mere fact that survey has been carried out on the business premises of the assessee …
In best judgment assessment case, it could not be alleged that AO did not make proper enquiries In a recent judgment, the ITAT Chennai has held that when assessment was framed on best judgment basis wherein the income is assessed to the best judgment of AO without considering …