cit revision 263 Archives - Page 9 of 10

Revision us 263 on reasons unconnected with grounds of reopening which was for specific purpose. Calcutta High Court upholds revision by CIT

administrator April 1, 2017 High Courts, Income Tax, Judgments

Revision us 263 on reasons unconnected with grounds of reopening which was for specific purpose. Calcutta High Court upholds revision by CIT ABCAUS Case Law Citation: ABCAUS 1194 (2017) (04) HC The Substantial Question of Law raised: One of the grounds raised was as under: Whether the Learned …

Legal expenses claim of Salman Khan allowed in set aside proceedings by revisionary order of CIT u/s 263.

administrator February 18, 2017 Income Tax, ITAT, Judgments

Legal expenses claim of Salman Khan allowed in set aside proceedings by order of Commissioner of Income Tax under Revision u/s 263 The Hindustan Times in 2015, quoting Salim Khan, father of Salman Khan had reported that Bollywood actor had spent more than Rs 25 crore in the 2002 …

Revision us 263-Use of word “appears” showed CIT was not sure how and in what manner the assessment order passed was without investigation-ITAT

administrator February 9, 2017 Income Tax, ITAT, Judgments

Revision us 263-Use of word appears showed CIT was not sure as to how and in what manner the assessment order passed was without investigation and enquiry-ITAT ABCAUS Case Law Citation: ABCAUS 1121 (2017) (02) ITAT Assessment Year : 2008-09 Date/Month of Pronouncement: February, 2017 The Grievance: The …

Order us 263 not nullity if notice not signed by CIT, when opportunity of hearing was otherwise given by the Commissioner-ITAT

administrator February 1, 2017 Income Tax, ITAT, Judgments

Order us 263 not nullity if notice not signed by CIT, when opportunity of hearing was otherwise given by the Commissioner-ITAT ABCAUS Case Law Citation: ABCAUS 1114 (2017) (02) ITAT Assessment Year : 2010-11 Brief Facts of the Case: In a recent judgment, ITAT, Kolkata dismissed a bunch …

Revisionary power us 263-Merely raising query not sufficient. Blindly accepting only part reply is incorrect assumption of facts and non-application of mind

administrator January 17, 2017 Income Tax, ITAT, Judgments

Revisionary power us 263-Merely raising query not sufficient. Blindly accepting only part reply is incorrect assumption of facts and non-application of mind by AO-ITAT ABCAUS Case Law Citation: ABCAUS 1103 (2017) (01) ITAT Assessment Year : 2011-12 Important Case Laws Cited: Anuj Jayendra Shah Vs. PCIT 67 taxmann.com …

CIT-A can decide appeal against CIT revision order us 263 when no direction given to make assessment in a particular way-ITAT

administrator November 19, 2016 Income Tax, ITAT, Judgments

CIT-A can decide appeal against CIT revision order us 263 when no direction given to make assessment in a particular way except to invoke Section 50C-ITAT ABCAUS Case Law Citation: 1057 (2016) (11) ITAT Brief Facts of the Case: The appellant assessee had filed his return of income …

Section 68 is about satisfaction of AO not CIT us 263 to sit on the judgment of AO. Revision order can not be made merely on audit objection basis-ITAT

administrator October 7, 2016 Income Tax, ITAT, Judgments

Section 68 is about satisfaction of AO not CIT us 263 to sit on the judgment of Assessing Officer. Revision order can not be made merely on audit objection basis-ITAT ABCAUS Case Law Citation: 1030 (2016) (10) ITAT Important case Laws cited: CIT v. Sohana Woollen Mills – …

FDRs Interest was business income but not contract income. Interest on Margin Money deposits for bank guarantee is not income out of contract business

administrator June 19, 2016 Income Tax, ITAT, Judgments

FDRs Interest was business income but not contract income. Interest on Margin Money deposits for obtaining bank guarantee is not income out of contract business-ITAT upheld CIT order u/s 263 ABCAUS Case Law Citation: 951 2016 (06) ITAT Assessment Year – 2009-10 Date/Month of Judgment/Order: June 2016 Brief Facts …

Income cannot be estimated without rejection of books of account. ITAT quashed revision order passed u/s 263 enhancing net profit rate.

administrator June 7, 2016 Income Tax

Income cannot be estimated without rejection of books of account. ITAT quashed revision order passed u/s 263 enhancing net profit rate. ABCAUS Case Law Citation: 936 2016 (06) ITAT Brief Facts of the Case: The present appeal was filed by the assessee against the order passed u/s 263 …

Principle of Mutuality-Revision u/s 263 was bad When assessee claimed exemption on principle of mutuality in the return and AO also made detailed inquiries

administrator May 21, 2016 Income Tax, ITAT, Judgments

When the assessee claimed exemption on the principle of mutuality in the return of income and the AO also made detailed inquiries on the issue of principle of mutuality and passed the order u/s. 143(3), the revision u/s 263 was bad in Law-ITAT Delhi

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