Tag: cit revision 263
Difference in Tribunal and non jurisdictional High Court amounts to two opposite views despite that decision of High Court rendered after ITAT ABCAUS Case Law Citation: ABCAUS 2884 (2019) (04) ITAT Important Case Laws Cited/relied upon by the parties Gouli Mahadevappa vs. ITO 356 ITR 90 (Karn) Prakash …
Revisional order u/s 263 quashed following rule of consistency, Revenue argued that the principle of res judicata has no application in tax law ABCAUS Case Law Citation: ABCAUS 2881 (2019) (04) HC Important Case Laws Cited/relied upon by the parties Income Tax Officer v. DG Housing Projects Limited …
No Penalty u/s 271(1)(c) can be imposed by CIT without recording satisfaction in revision order 263. Provision of Section 271(1B) not applicable as CIT is not AO u/s 2(7) of Income Tax Act, 1961. ABCAUS Case Law Citation: ABCAUS 2732 (2019) (01) ITAT Important Case Laws Cited/relied upon: …
When ITAT inspected documents furnished in response to show-cause notice u/s 263 and found transactions not bogus, no interference was called. Supreme Court dismissed SLP of the Revenue ABCAUS Case Law Citation: ABCAUS 2729 (2019) (01) SC Important Case Laws Cited/relied upon: The Revenue had filed an Income …
CIT is empowered to invoke revisionry powers u/s 263 to direct AO to initiate penalty proceedings u/s 271(1)(c) – ITAT ABCAUS Case Law Citation:ABCAUS 2687 (2018) (12) ITAT Important Case Laws Cited/relied upon:CIT Vs. Ashok ConstructionsCIT Vs. Surendra Prasad AgarwalV. Ramanamurthy RajuStar Diamond Tools Vs. ITOCIT Vs. Paramanand …
AO exceeded jurisdiction in dropping penalty on issues pending in quantum appeal-ITAT upholds exercise of revisional powers by CIT u/s 263 ABCAUS Case Law Citation: ABCAUS 2666 (2018) (12) ITAT The appellant assessee had contested the invocation of revisional jurisdiction u/s 263 of the Income Tax Act, 1961 …
Set off of expenses against surrendered income held erroneous and prejudicial to the interest of the revenue as assessee failed to demonstrate that income surrendered had a business link. ABCAUS Case Law Citation: ABCAUS 2664 (2018) (12) ITAT Important Case Laws Cited/relied upon: M/s. Makson Distributors, Vs. The …
No revision u/s 263 without pointing out how assessment order is erroneous. Order quashed as CIT did not mention whether assessee’s contentions were acceptable or not. ABCAUS Case Law Citation: ABCAUS 2662 (2018) (12) ITAT Important Case Laws Cited/relied upon: Narayan Tatu Rane vs. ITO reported in (2016) …
Revisionary order u/s 263 passed against dropping of penalty u/s 271(1)(c) after the expiry of limitation period as provided u/s 275 of the Act was invalid – ITAT ABCAUS Case Law Citation: ABCAUS 2644 (2018) (11) ITAT Important Case Laws Cited/relied upon: Toyota Motor Corporation reported in 306 …
ITAT explains law of appeal to CIT-A of revisionary order passed u/s 263. When CIT himself enhanced income, appeal would not lie to CIT(A) ABCAUS Case Law Citation: ABCAUS 2596 (2018) (10) ITAT The assessee had filed an appeal against the orders of the CIT(A) in holding that …
