Revision u/s 263 by CIT - the ITAT upheld the impugned order, ...

Income Tax

February 3, 2024

Revision u/s 263 by CIT - the ITAT upheld the impugned order, dismissing the appeal of the assessee. The Tribunal ruled that the CIT had exercised revisional jurisdiction after independently examining the records and applying their mind to the case. Additionally, they found that the reference made by the Assessing Officer to the TPO was invalid due to the expiration of the time limit, making it no reference in the eyes of the law.

View Source

← Previous Next →

Revision u/s 263 by CIT - the ITAT upheld the impugned order, ...

Income Tax

February 3, 2024

You may also like:

Validity of Revision u/s 263 - Bogus long term capital gain through share transaction of a penny stock company - The tribunal observed that the Pr. CIT based the...

Revision u/s 263 - Deduction u/s 80P on interest received from Cooperative Bank - After considering the submissions and the relevant statutory provisions and precedents,...

Revision u/s 263 - Deduction u/s 80I - what the learned tribunal ought to have noted is that whether the assessing officer/PCIT can revisit the claim which was accepted...

Revision u/s 263 - Upon examination, the Tribunal found that the Assessing Officer had conducted adequate enquiries during the assessment proceedings, thereby rendering...

Revision u/s 263 - As per CIT, AO has not examined the issue of interest expenditure claimed against interest from third party - The Tribunal observed that the...

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...

Validity of Revision u/s 263 - Admisibility of Deduction u/s 80P, Deduction from total income under chapter VI-A and business expenses - The ITAT quashed the order...

Revision u/s 263 - unexplained cash deposit during the demonization period - The tribunal noted that the AO had conducted an adequate inquiry into the assessee's cash...

Revision u/s 263 by CIT - disallowance of provision for nonperforming assets (NPA) in computing books profits u/s 115JB - The Tribunal, after considering detailed...

Revision u/s 263 - debatable issue - taxability of interest received by the Assessee on the enhanced compensation u/s 28 of the Land Acquisition Act - The Appellate...

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...

Revision u/s 263 - Lack of enquiry is a reason for taking up the case for revision u/s 263 of the Act but the inadequate enquiry cannot be a reason for taking up the...

Appraisal report available but AO ignored, a fit case for revision u/s 263 - HC

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...

Revision u/s 263 - successor PCIT / CIT did not agree with his predecessor - second revision order - assessment has been set aside or de novo assessment - sending of the...

Quick Updates: