Tag: erroneous and prejudicial
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 …
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 …
Net Profit rate of 8% not applicable for audit case. Net Profit rate of 6% is reasonable for business of civil construction – ITAT In a recent judgment, the ITAT Patna has held that though in the non-audit case, Net Profit rate of 8% is considered as fair …
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. …
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 …
Assessment order has to be read as it is and there is no scope for drawing any inference or reading between the lines of an assessment order – ITAT In a recent judgment, the ITAT set aside the revisonary order u/s 263 holding that Assessment order has to …
Simply holding that AO was required to make more enquires is not a valid ground to hold assessment order as erroneous and prejudicial – ITAT ABCAUS Case Law Citation:ABCAUS 3892 (2024) (03) ITAT In the instant case, the assessee had challenged the revisionary order u/s 263 passed by …
Non-response by payee to statutory notice u/s 133(6) directly issued by AO, is not within reach and control of assessee – ITAT In a recent judgment, ITAT has held that non-response by a payee to statutory notice u/s 133(6) directly issued by AO, is not within reach and …
Order held erroneous but not prejudicial despite depreciation allowed at higher rate because there was no taxable income on account of business loss In a recent case, the ITAT has held that the assessment order though erroneous was not prejudicial to the Revenue despite depreciation allowed at higher …