Tag: cit revision 263

Cash basis accounting of late payment surcharge on electric bill held not prejudicial to Revenue In a recent judgment, the Hon’ble High Court of Meghalaya has upheld the order of ITAT that accounting of electricity late payment surcharge on cash basis instead of accrual basis was not prejudicial …

Validity of notice issued u/s 263 based on incorrect grounds or unsupported evidence can be questioned – ITAT In a recent judgment, ITAT Ahmedabad has held that validity of a revision notice issued u/s 263 the Income Tax Act, 1961 based on incorrect grounds or unsupported evidence can …

CIT revision order on the issue of Reduction in profit due to ICDS-V quashed by ITAT In a recent judgment, ITAT Kolkata quashed the revision order u/s 263 on the issue of reduction in profit due to ICDS-V tangible fixed assets as the allowable depreciation was rightly calculated. …

Plausible view taken by AO on surrender made by assessee not open to revision u/s 263 of the Income Tax Act – ITAT In a recent judgment, ITAT Jaipur has held that plausible view taken by Assessing Officer of surrender made by assessee not open to revision u/s …

Provisions of Section 50C were not applicable as land was sold by the secured lenders to recover from dues, SC dismissed the Special Leave Petition. In a recent judgment, the Hon’ble Supreme Court has dismissed SLP against the decision of Delhi High Court holding that revision u/s 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 …