Tag: cit revision 263

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 …

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 …