Tag: cit revision 263

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 …

CIT not justified in disturbing consistent method of closing stock valuation by invoking revisionary jurisdiction u/s 263   ABCAUS Case Law Citation: ABCAUS 2526 (2018) 09 ITAT Important Case Laws Cited/relied upon by the parties: United Commercial Bank vs. CIT (1999) 240ITR 355 (SC),  CIT vs. British Paints …

Brought forward debit balance can not make assessment erroneous and prejudicial to the interest of the Revenue – ITAT quashes Revisionary Order  ABCAUS Case Law Citation: ABCAUS 2469 (2018) 08 ITAT In this appeal, the assessee had challenged the correctness of the order of the Principal Commissioner of …

CIT can not substitute his view over the view taken by AO in the revisionary jurisdiction u/s 263 as AO took one of the possible view ABCAUS Case Law Citation: ABCAUS 2454 (2018) 08 ITAT The instant appeal was filed by the assessee against CIT in invoking the …

AO cannot remain quiet after issuing summons u/s 131 which went unanswered. Without resorting to further investigation no adverse inference could be drawn. ABCAUS Case Law Citation: ABCAUS 2453 (2018) 08 ITAT The instant appeal was filed by the assessee against the order passed by CIT(A) in upholding …

ITAT’s jurisdiction is not to rewrite the AO’s order and improve upon it. High Court uphelds Revision order passed u/s 263 for lack of enquiry  ABCAUS Case Law Citation: ABCAUS 2427 (2018) 07 HC The instant appeal had been filed by the Revenue against the order of the …

Revision u/s 263 upheld as AO had not formed any opinion but erroneously allowed the capital expenses as revenue causing a clear prejudice  – High Court ABCAUS Case Law Citation: ABCAUS 2422 (2018) 07 HC The instant appeal was filed by the assesseee against the order of the …