Tag: cit revision 263

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 – ITAT  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 …

Revision u/s 263 arising from tax auditors observation upheld as AO did not examine the matter In a recent judgment, ITAT Chennai has upheld revisionary proceedings u/s 263 which stemmed from observation of Tax Auditor that there was remission of trading liability u/s 41(1)(a) of the Act and …

Order u/s 263 was bad as CIT did not specify how he arrived at figure of excess depreciation allegedly claimed by the assessee In a recent order, Hon’ble Supreme Court has dismissed SLP against the order of the Hon’ble Bombay High Court upholding the ITAT that CIT did …

Limitation Period to pass revisionary order u/s 263 stood extended by TOLA 2020 In a recent judgment, Hon’ble Orissa High Court has upheld that limitation Period to pass revisionary order u/s 263 stood extended by TOLA 2020. Competence of the Legislature through Parliament to relax provisions in earlier …

Section 263 makes it incumbent to the Pr. CIT to conduct enquiry. In a recent judgment, Hon’ble High Court of Chhattisgarh has held that Section 263 makes it incumbent to the Pr. CIT to conduct enquiry. The reasons for satisfaction or non-satisfaction are required to be recorded. ABCAUS …

Section 263 do not give unfettered power to PCIT to revise each and every order – ITAT In a recent judgment, ITAT Delhi has held that section 263 of the act does not give unfettered power to PCIT to revise each and every order to re-examine the issues …