Tag: erroneous and prejudicial
CIT is required to make enquiries himself to allege assessment order as erroneous and prejudicial to the interest of Revenue u/s 263 ABCAUS Case Law CitationABCAUS 3596 (2022) (05) ITAT Important case law relied referred:CIT Vs Jaiswal Motor Finance 141 ITR 706 (All)CIT Vs Metachem Industries 245 ITR …
Invoking Revisionary powers u/s 263 merely on the basis of suspicion not justified. Where AO made necessary inquiry and satisfied itself about explanation offered, revising such order is unjustified – ITAT ABCAUS Case Law CitationABCAUS 3591 (2022) (05) ITAT Important case law relied referred:CIT vs. Anil Kumar Sharma …
CIT assuming jurisdiction u/s 263 has no power to direct initiating penalty proceedings u/s 271(1)(c) CIT Revision u/s 263 for AO accepting revised return without initiating penalty proceedings u/s 271(1)(c) quashed by ITAT following jurisdictional High Court order In the instant case, the assessee had challenged the revisionary …
Sale of property was long term capital gain as assessee held it from the date of advance payment and balance payment was only a follow up action ABCAUS Case Law CitationABCAUS 3502 (2021) (05) ITAT Important case law relied referredCIT vs A Suresh Rao 223 Taxmann 228 (Kar)Principal …
CIT Revision u/s 263 order not mentioning twin conditions of being erroneous and prejudicial to the interest of revenue quashed ABCAUS Case Law CitationABCAUS 3494 (2021) (04) ITAT Important case law relied referred:Malabar Industrial Co. vs. CIT 243 ITR 83 (SC)CIT vs. Max India Ltd. (2007) 295 ITR …
Revision u/s 263 on issues not covered under limited scrutiny quashed as AO could not had gone into other issues ABCAUS Case Law CitationABCAUS 3483 (2021) (04) ITAT Important case law relied referred:Sanjib Kumar KhemkaM/s Chengmari Tea Co. Ltd. In the instant case, the assessee had challenged the …
Inadequate enquiry or insufficient material on record cannot be a ground to invoke powers under Section 263 of the Act ABCAUS Case Law CitationABCAUS 3406 (2020) (10) HC Important case law relied upon by the parties:Malabar Industrial Company vs. CIT 243 ITR 833CIT vs. Max India Ltd. 295 …
CIT should make detailed enquiry at revision stage if he wants to take a different view and give finding how assessment order is erroneous and prejudicial to the interests of Revenue ABCAUS Case Law Citation:ABCAUS 3264 (2020) (02) ITAT Important case law relied upon by the parties:Malabar Industrial …
Assessment Order passed several months ahead of deadline without making inquiries/verification is without due application of mind & in avoidable haste making stronger case for revision u/s 263 ABCAUS Case Law Citation:ABCAUS 3229 (2020) (01) ITAT Important case law relied upon by the parties:Deniel Merchants Pvt. Ltd. Vs. …
Revision u/s 263 done on issues not covered under limited scrutiny quashed as AO had already verified those issues for which limited scrutiny was conducted. ABCAUS Case Law Citation:ABCAUS 3201 (2019) (12) ITAT Important case law relied upon by the parties:Malabar Industrial Co. Ltd., (2000) 243 ITR 83(SC) …
