2014 (9) TMI 553 - BOMBAY HIGH COURT
The Commissioner of Income Tax-2 Versus LIC Housing Finance Ltd.
Revision u/s 263 - Applicability of section 36(1)(viii) - Whether the Tribunal was correct in holding that two views are possible with regard to the applicability of Section 36(1)(viii) r.w.s. 41(4A) even though the provisions of Section 36(1)(viii) ......
2014 (9) TMI 512 - ITAT MUMBAI
M/s. Rare Enterprises Versus The Commissioner of Income Tax
Validity of revision u/s 263 – Held that:- An order cannot be termed as erroneous unless it is not in accordance with law - This section does not visualize a case of substitution of the judgment of the Commissioner for that of the Income-tax Officer, ......
2014 (9) TMI 430 - MADRAS HIGH COURT
The Lakshmi Mills Co. Ltd. Versus The Joint Commissioner of Income Tax
Validity to grant refund u/s 93 of KVSS – Correctness of depreciation - Whether the Tribunal was right in not holding that correct depreciation allowed by the AO dates back to the original Assessment – Held that:- Once an assessee voluntarily invokes ......
2014 (9) TMI 196 - ITAT BANGALORE
M/s. Sobha Developers Ltd. Versus Commissioner of Income Tax (LTU)
Proceedings u/s 263 – Deduction u/s 80IB(10) - Jurisdiction of CIT - Doctrine of merger – Held that:- Following the decision in Sobha Developers Ltd. Versus Commissioner of Income-tax (LTU) [2013 (9) TMI 638 - ITAT BANGALORE] - there was no merger o ......
2014 (9) TMI 195 - ITAT CHENNAI
M/s TAMILNADU INDUSTRIAL DEVELOPMENT CORPORATION LTD Versus ASSTT COMMISSIONER OF INCOME TAX
Jurisdiction of CIT u/s 263 – Lease amount received – Held that:- The AO failed to make any sort of enquiries in respect of taxability of the lease rent derived by the assessee from M/s. TRIL Infopark Ltd on the land alienated by the Government of Ta ......
2014 (9) TMI 53 - ALLAHABAD HIGH COURT
Commissioner Income Tax Versus Baboori Fibres Ltd.
Revision of order u/s 263 – Prejudicial to the interest of revenue – Held that:- CIT has merely observed in its order passed u/s 263 that the AO did not make inquiry as per the direction of CIT(A) but without mentioning any reason - the AO while maki ......
2014 (9) TMI 18 - DELHI HIGH COURT
Globus Infocom Ltd. Versus Commissioner of Income Tax Delhi-IV
Order of the Tribunal u/s 263 – Commission paid u/s 36(1)(ii) – Inflation of profits by booking majority expenses against trading unit for exemption u/s 80IC – Held that:- assessee was maintaining separate books of accounts for the manufacturing unit ......
2014 (8) TMI 876 - ALLAHABAD HIGH COURT
The Commissioner of Income Tax Versus M/s. RS. Associates
Revision of order u/s 263 – order erroneous in so far as prejudicial to the interest of revenue - Tribunal decided in favor of assessee - Held that:- The assessee has shown availability of cash, but the same was never found - The explanation given b ......
2014 (8) TMI 862 - ITAT HYDERABAD
Indu Fine Lands (P.) Ltd. Versus Commissioner of Income-tax
Jurisdiction of CIT u/s 263 - revision - erroneous order - nature of receipt of compensation - revenue or capital receipt – Held that:- The scheme of the IT Act is to levy and collect tax in accordance with the provisions of the Act and this task is ......
2014 (8) TMI 714 - ITAT DELHI
Kalyanjee Saree Wale (P) Ltd. C/o- Kapil Goel Adv. Versus Commissioner of Income Tax,
Revisional jurisdiction of CIT u/s 263 – Order passed after proper examination of record or not – Held that:- While invoking revisional jurisdiction u/s 263 of the Act, the Commissioner found that the net profit shown by the assessee is quite low and ......
2014 (8) TMI 675 - ITAT PUNE
PARKAR MEDICAL FOUNDATION Versus DY COMMISSIONER OF INCOME TAX
Power to exercise revisional jurisdiction by CIT u/s 263 – Claim of depreciation on assets not examined – Amount deducted for the purpose of application towards charitable purpose – Held that:- The AO has not at all examined the issue of claim of dep ......
2014 (8) TMI 642 - KARNATAKA HIGH COURT
M/s CANARA HOUSING DEVELOPMENT COMPANY Versus THE DEPUTY COMMISSIONER OF INCOME TAX
Assessment u/s 153A – Invocation of power of revision u/s 263 - Whether the CIT can invoke the power u/s 263 of the Act to review the order of assessment passed by the Assessing Authority – Held that:- In the eye of law there is no order of assessmen ......
2014 (8) TMI 640 - GUJARAT HIGH COURT
Commissioner of Income-tax Versus UTI Bank Ltd.
Order u/s 263 – Calculation of FBT u/s 115WB(1)(c) – Contribution made to superannuation fund – Held that:- Out of the total amount of ₹ 9,13,67,379, which includes the list of 29 employees where the contribution in the superannuation fund was ......
2014 (8) TMI 632 - PUNJAB AND HARYANA HIGH COURT
The Commissioner of Income Tax, Karnal Versus Sh. Rippen Ahuja, Prop. M/s Narindera Carriers
Revision order passed by CIT u/s 263 – Genuineness of gift – Onus to prove the identity of parties - Held that:- The Commissioner is empowered to exercise jurisdiction where he is satisfied that the order of the AO is erroneous in so far as it is pre ......
2014 (8) TMI 58 - ITAT BANGALORE
M/s. Apna Sapna Versus Asstt. Commissioner of Income Tax
Revision order u/s 263 – Reframing of assessment u/s 143(3) – Held that:- The AO has accepted accounting entries as it is without making any inquiry on the issues entertained by the CIT in the 263 proceedings - the cost incurred by the assessee towar ......