Tag: cit revision 263

Pr. CIT u/s 263 empowered to review orders passed by JCIT as Section 263 is inclusive one  In a recent judgment, the Hon’ble High Court has held that Section 263 of the Income Tax Act, is inclusive one and include jurisdiction of the Pr.CIT to review the orders …

Deduction u/s 54F despite assessee owning more than two house properties made order erroneous and prejudicial – ITAT In a recent judgment, the Mumbai ITAT has upheld the revisionary order u/s 263 where Assessing Officer (AO) allowed deduction u/s 54F despite assessee owning more than two house properties. …

Period of limitation for passing Revisionary order u/s 263 to be reckoned from the date of the original assessment order not reassessment order In a recent judgment, Hon’ble Rajasthan High Court has held that Period of limitation for passing Revisionary order u/s 263 to be reckoned from the …

An invalid or illegal assessment order cannot be revised under the provision of section 263 In a recent judgment, Hon’ble ITAT has held that an assessment order which is not valid/maintainable under the provisions of the Act, cannot be revised by the CIT/PCIT under the provision of section …

CIT can not assume revisionary powers u/s 263 for issues not forming part of limited scrutiny assessment. In a recent judgment, the ITAT has held that CIT can not assume revisionary powers u/s 263 for issues not forming part of limited scrutiny assessment. ABCAUS Case Law Citation:ABCAUS 3959 …

Non allocation of common expenses for deduction u/s 80IA – ITAT quashed revision order Non allocation of common expenses to eligible business for claiming deduction u/s 80IA – ITAT quashed revision order u/s 263 passed by PCIT In a recent judgment, ITAT has quashed revision order u/s 263 …

Unless and until the order of ITAT is reversed by High Court, the same has to be given due effect – ITAT In a recent judgment, ITAT has held that judicial discipline demand that unless and until order of the Tribunal is reversed by the High Court, the …

Director’s remuneration allocation in ratio of turnover upheld for deduction u/s 80IA as director’s involvement was minimal In a recent judgment, ITAT has upheld the allocation of Directors remuneration in the ratio of turnover for deduction u/s 80IA as directors involvement was minimal. ABCAUS Case Law Citation:ABCAUS 3927 …

Revision order u/s 263 upheld as substantial amount of cash was deposited in the bank accounts of all the investors shortly prior to issuance of cheques for share application money In a recent judgment, ITAT has upheld the revision order u/s 263 passed by the PCIT as substantial …

Notices u/s 133(6) not enough for verification of loan transactions from shell companies. AO ought to have done further inquiry to ascertain genuineness & creditworthiness – High Court Notice under Section 133(6) of the Act is not enough to verify identity, genuineness and creditworthiness of transactions from shell …