Revision u/s 263 - It is well settled principle of law where A.O. ...

Income Tax

February 23, 2021

Revision u/s 263 - It is well settled principle of law where A.O. has exercised quasi-judicial power vested in him in accordance with law and arrived at a conclusion and such a conclusion cannot be found to be erroneous simply because Commissioner does not feel satisfied with the conclusion. CIT ought not to have initiated proceedings u/s 263 of the Income Tax Act when already enquiry is made by the Assessing Officer. - AT

View Source

← Previous Next →

Revision u/s 263 - It is well settled principle of law where A.O. ...

Income Tax

February 23, 2021

You may also like:

Revision u/s 263 - payment towards registration fees are not allowable as revenue expenses as per provision of section 37(1) of the Act - It is a settled law by now that...

Revision u/s 263 by CIT - selecting a return under CASS - expressions 'erroneous', 'erroneous assessment' and 'erroneous judgment' - Error', here, should be an error in...

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...

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...

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...

Revision u/s 263 - It is settled principle of law that once the High Court lays down particular the proposition of law, the same is deemed to be in existence from the...

Disciplinary proceedings against formerly Appellate Deputy Commissioner - If the order passed by the quasi judicial authority is taken as a foundation for bringing the...

Revision u/s 263 - exemption u/s 54F - the exercise aimed at ascertaining the correct income of the assessee has been fulfilled by the Ld. A.O. by exercising his...

Stay of demand - 1st respondent as the appellate authority exercises quasi-judicial powers. Power to consider prayer for stay is incidental and ancillary to the power to...

Revision u/s 263 - belated employee’s contribution to PF and ESIC funds - AO did not follow the CBDT circular but followed the HC decision - The CIT in exercise the...

Revision u/s 263 - in original assessment AO estimated net profit @ 7% which was reduced by CIT(A) @ 5% - It is not in dispute that issue on which the remand order was...

Revision u/s 263 - period of limitation for passing order - Only in a case where the issues before the Commissioner at the time of exercising powers u/s 263 relate to...

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...

Revision u/s 263 by CIT - receipt of share premium - the power of revision u/s 263 does not allow for supplanting or substituting the view of the Assessing Officer. The...

Audit Objections – relevance in making re-assessments - The function of the audit is essentially executive in nature, while the function of the assessing officer and his...

Quick Updates: