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 ......
2014 (7) TMI 1034 - ITAT COCHIN
M/s METRO TRADING SYNDICATE Versus ASSTT COMMISSIONER OF INCOME TAX
Jurisdiction u/s 263 – Claim of set off of loss - Held that:- AO has not discussed anything about the set off of loss claimed by the assessee and the difference in TDS certificate - When the order of the AO is appealable before the CIT(A) and subject ......
2014 (7) TMI 1003 - DELHI HIGH COURT
Commissioner of Income Tax-IV Versus Hotz Industries Ltd.
Revision u/s 263 - Disallowance u/s 14A – Held that:- Without pronouncing whether the figures given by the assessee were incorrect, the Commissioner recorded that this required verification from the records - This is impermissible and cannot be allow ......
2014 (7) TMI 946 - ITAT HYDERABAD
M/s. Billigiri Agro Farms (P) Ltd. Versus DCIT, CC. 9 Hyderabad
Jurisdiction of CIT u/s 263 - revision of order - principle of merger - Levy of interest – Held that:- Assessee has advanced funds to the said Satyam Computers Services Ltd. - assessee has not advanced the funds on interest basis and subsequently, it ......
2014 (7) TMI 914 - BOMBAY HIGH COURT
COMMISSIONER OF INCOME Versus HDFC BANK LTD
Cancellation of order u/s 263 – Held that:- The Tribunal was of the view that the basis or foundation for the order u/s 263 was completely lacking - this was not a blind acceptance of the version of the assessee, as is now termed - Such an order may ......
2014 (7) TMI 806 - ITAT HYDERABAD
M/s. Elico Limited, Hyderabad Versus Dy. Commissioner of Income-tax
Revision u/s 263 - 100% EOU - Claim of exemption made u/s 10B instead of 10A due to inadvertence – CIT observed that, assessee had not obtained statutory approval from the Board appointed in that behalf by the Central Government as required under S.1 ......
2014 (7) TMI 797 - ITAT HYDERABAD
M/s SURASA GREEN LANDS (P) LTD Versus DEPUTY COMMISSIONER OF INCOME TAX
Jurisdiction of CIT u/s 263 to revise an order - principle of merger - omission in calculation of interest income – assessee contended that, the very levy of interest as was done by the A.O. was subject matter of appeal before the Ld. CIT(A) and subs ......