Home Highlights March 2017 Year 2017 This

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1. Revision u/s 263 by CIT - the assessee had duly explained as to why certain receipts though subjected to TDS, would not be liable to be offered to tax such as...

2. Revision u/s 263 by CIT-A - AO’s order is not erroneous and prejudicial to the interest of revenue since mark to market loss incurred by Company on revaluation of...

3. Revision u/s 263 - Revision based on Audit Objection - a mechanical exercise of revisionary powers u/s 263 by the Revisionary Authority by merely citing the Audit...

4. Revision u/s 263 - carry forward of losses on sale of shares - where there are two possible views and the Assessing Officer has taken one of the possible views, no...

5. Revision u/s 263 by CIT - requirement of issuing show-cause notice - there is nothing in the Section 263 to raise the said notice to the status of a mandatory show-cause...

6. Revision u/s 263 by CIT - Merely on the basis of audit objection powers u/s 263 could not have been exercised. The impugned order u/s 263, does not indicate that the...

7. Revision u/s 263 by CIT - Jurisdiction exercised by ld PCIT under section 263 of the Act is not in accordance with law. PCIT has selected the item (share capital and...

8. Revision u/s 263 by CIT - The phrase prejudicial to the interest of revenue has to be read in conjunction with an erroneous order passed by the A.O. Every loss of...

9. Revision u/s 263 - valuation of closing stock, non increasing of closing stock by proportionate other direct expenses - The alleged under valuation of closing stock is a...

10. Revision u/s 263 - non consideration of the provisions of Section 40(a)(i-a) in respect of land development expenses - the CIT had proceeded to remand the matter back to...

11. Revision u/s 263 - CIT setting aside the second reassessment order - time limit to take action u/s 263 - the necessity for the Commissioner to have substantial grounds...

12. Revision u/s 263 - loss on OTS - since the AO has ignored the relevant provisions of the Act before allowing the claim of the assessee of loss on OTS account and without...

13. Revision u/s 263 - any loss of revenue as a consequence of an order passed by the Assessing Officer cannot be treated as prejudicial to the interests of revenue - AT

14. Revision u/s 263 by CIT - sale of impugned land measuring 10.162 acres below the stamp duty value - under the given circumstances, it can be safely concluded that the...

15. Revision u/s 263 by CIT- AO is first an investigating officer thereafter he is an adjudicator but here in this case, the AO remained silent, but, he ought to have...