Tag: Revision 263
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 …
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 …
Revision u/s 263 to exclude issues settled in Vivad se Vishvas Scheme 2020. ITAT directs AO not to consider capital gains from penny stock while passing fresh order ABCAUS Case Law CitationABCAUS 3396 (2020) (09) ITAT Important case law relied upon by the parties:Price Water House vs ACIT …
Taking a view should be backed by reasons in the order itself with evidences and independent enquiry. ITAT upheld revision order passed u/s 263 ABACUS Case Law CitationABCAUS 3385 (2020) (09) ITAT Important case law relied upon by the parties:Rampyari Devi Sarogi vs CIT (1968) 67 ITR 84 …
Deeming provision of section 68 not apply if no sum is received in terms of any money, i.e., in cash or cheque. credit worthiness not required to be examined in such case In the given case, the Income Tax Department had challenged the judgment of the Hon’ble High …
Lack of enquiry in a particular manner or as per procedures prescribed vitiates the assessment only when relevant provisions are applicable. ABCAUS Case Law Citation:ABCAUS 3325 (2020) (07) ITAT In the instant case, the appeal of the assessee was directed against the action of the Pr. CIT …
For Revision u/s 263, records include records relating to assessment proceedings of preceding assessment years ABCAUS Case Law Citation:ABCAUS 3271 (2020) (02) ITAT Important case law relied upon by the parties:Rotork Controls India Private Limited v. CIT reported in (2009) 314 ITR 62(SC)CIT v. Gabriel India Ltd., reported …
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. …
