Tag: cit revision 263
When revisionary order u/s 263 was quashed, consequential assessment order passed by AO cannot survive – ITAT In a recent judgment, ITAT Raipur has held when the order passed by the Pr. CIT u/s 263 was quashed by the Tribunal, the consequential assessment order passed by the A.O …
CIT must hold bare minimum inquiry before passing revisionary order u/s 263. The words “as he deems necessary”, do not mean that PCIT has a choice either to make or not to make an enquiry. In a recent judgment, ITAT Chandigarh has held that it is incumbent upon …
Supreme Court reprimands Income Tax Department for filing SLPs with considerable delays Supreme Court reprimands the Income Tax Department for filing Special Leave Petitions with considerable delays only to seek an imprimatur of the Apex Court ABCAUS Case Law Citation:ABCAUS 4171 (2024) (07) SC In A recent judgment, …
CIT empowered to exercise power u/s 263 over penalty orders passed u/s 271(D) and 271D by the Joint Commissioner of Income Tax. In a recent judgment, Hon’ble Punjab and Haryana High Court has held that CIT is empowered to exercise jurisdiction u/s 263 over penalty orders passed u/s …
Exemption u/s 54F can not be denied merely making wife & son as co-owners of property In a recent judgment, Hon’ble High Court of Punjab and Haryana has held that merely mentioning the names of his wife and son as joint-owners of the property, would not dis-entitle assessee …
Non-payment cannot be a ground for disallowing the claim of sub-contract expenses – ITAT In a recent judgment, the ITAT Indore has held that non-payment cannot be a ground for disallowing the claim of expenses accrued as sub-contractor was to be paid after realization of performance guarantee. ABCAUS …
Merely because no addition is made, assessment cannot be held as erroneous or prejudicial – ITAT In a recent judgment, the ITAT Jaipur has held that merely because assessment unit has not made any addition the assessment cannot be considered as erroneous or prejudicial u/s 263. ABCAUS Case …
A consistent view taken by AO can’t be held erroneous and prejudicial to interest of revenue – ITAT In a recent judgment, the ITAT Ahmedabad has held that a consistent view taken by AO can’t be held erroneous and prejudicial to interest of revenue. ABCAUS Case Law Citation:ABCAUS …
If no addition made in reassessment proceedings on issues as per reasons recorded, AO should drop proceedings instead of passing order In a recent judgment, the ITAT Delhi has held that having recorded the reasons for reopening the assessment and having formed a belief that income of the …
AO cannot be presumed to adopted or chosen a course permissible in law when his order does not speak in that behalf – ITAT In a recent judgment, the ITAT Bangalore has confirmed the revisonary order passed by PCIT u/s 263 holding that the Assessing Officer cannot be …