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Income Tax - Highlights / Catch Notes

Home Highlights August 2022 Year 2022 This

Revision u/s 263 - Revision based on Audit Objection - a ...

Income Tax

August 26, 2022

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 Objection cannot be said to be a valid exercise of Revisionary Powers. - PCIT is require to give an independent finding considering the record. The error in the order of the AO, that too such an error which is prejudicial to the interests of the Revenue, has to be pointed out by the Revisionary Authority in the order. The onerous power cannot be exercised mechanically and arbitrarily. - AT

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  2. 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...

  3. Revision u/s 263 - the ld PCIT had invoked revision jurisdiction u/s 263 of the Act on the very same point of allowability of LTCL. Hence it could be safely concluded...

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  6. Revision u/s 263 - violation of the provisions of section 40A(3) - CIT is not justified in invoking jurisdiction u/s 263 on the strength of an audit note - AT

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  8. Revision u/s 263 - claim of TDS - In the absence of any demonstrable loss of revenue, interference in exercise of power u/s 263 cannot be justified - AT

  9. CIT(A) was justified in holding that the reopening of the assessment, based on the audit objection, is neither legal nor valid, and consequently, cancelling the same - AT

  10. Reassessment - The audit objection is based upon the legal opinion expressed by them and not pointing out any factual error or omission - reopening of assessment was not valid - AT

 

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