Tag: cit revision 263
Revision order u/s 263 upheld as substantial amount of cash was deposited in the bank accounts of all the investors shortly prior to issuance of cheques for share application money In a recent judgment, ITAT has upheld the revision order u/s 263 passed by the PCIT as substantial …
Notices u/s 133(6) not enough for verification of loan transactions from shell companies. AO ought to have done further inquiry to ascertain genuineness & creditworthiness – High Court Notice under Section 133(6) of the Act is not enough to verify identity, genuineness and creditworthiness of transactions from shell …
Income earned from property if business income or income from house property primarily depends upon the objects / main business of the assessee – ITAT In a recent judgment, the Hon’ble ITAT has set aside revisionary order u/s 263 and held that Assessing Officer was not justified in …
Assessment order has to be read as it is and there is no scope for drawing any inference or reading between the lines of an assessment order – ITAT In a recent judgment, the ITAT set aside the revisonary order u/s 263 holding that Assessment order has to …
Simply holding that AO was required to make more enquires is not a valid ground to hold assessment order as erroneous and prejudicial – ITAT ABCAUS Case Law Citation:ABCAUS 3892 (2024) (03) ITAT In the instant case, the assessee had challenged the revisionary order u/s 263 passed by …
Non-response by payee to statutory notice u/s 133(6) directly issued by AO, is not within reach and control of assessee – ITAT In a recent judgment, ITAT has held that non-response by a payee to statutory notice u/s 133(6) directly issued by AO, is not within reach and …
Order held erroneous but not prejudicial despite depreciation allowed at higher rate because there was no taxable income on account of business loss In a recent case, the ITAT has held that the assessment order though erroneous was not prejudicial to the Revenue despite depreciation allowed at higher …
Interest received u/s 28 of Land Acquisition Act on enhanced compensation exempt from tax – ITAT In a recent judgment, ITAT has held that AO was correct in holding that interest received u/s 28 of Land Acquisition Act on enhanced compensation exempt from tax following decision of the …
Once a method of recognizing revenue accepted by revenue in earlier and later years, same cannot be disturbed for the intervening year- ITAT In a recent judgment, ITAT has quashed a revisionary order holding that Once a method of recognizing revenue accepted by revenue in earlier and later …
Revision u/s 263 in the name of dead person illegal. Supreme Court dismisses SLP of Income Tax Department ABCAUS Case Law Citation:ABCAUS 3825 (2023) (12) SC In a recent judgment/order, Hon’ble Supreme Court has upheld the order of the Hon’ble High Court holding revision u/s 263 in the …