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Income Tax Case Laws - Section: 263

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Cases for Section: 263
Showing 1 to 15 of 2221 Records

2016 (2) TMI 169 - ITAT MUMBAI

M/s Crompton Greaves Ltd. Versus CIT 6, Mumbai

Revision u/s 263 - improper enquiry on provisions for warranty, excise duy,sales tax and liquidated damages - Held that - CIT has rightly invoked the provisions of section 263 of the Act as the A.O. failed to make proper enquiry, examination and verifications as warranted for the proper completion of the assessment, with respect to claim of deduction of ₹ 17.72 crores with respect to the provisions for warranty, excise duy,sales tax and liq.....

2016 (2) TMI 125 - ITAT HYDERABAD

M/s. Madhucon Projects Ltd. Versus DCIT, Central Circle-3, Hyderabad.

Revision u/s 263 - deduction under section 80IA allowed in an order under section 154 by AO - Held that - As seen from the order under section 143 passed on 31.12.2009, the then A.O. has given detailed projects, road projects, BOT related projects, irrigation projects and also role of the assessee. Without examining the nature of project or calling for further information about the role of the assessee in executing various projects and further wi.....

2016 (1) TMI 1032 - ITAT BANGALORE

M/s Volvo India Pvt. Ltd. Versus Commissioner of Income-Tax (LTU)

Revision u/s 263 - claim of allowance under the provisions of sec. 40(a)(ia) was not examined by the AO during the course of assessment proceedings - Held that - The assessee could not demonstrate before us that the issue was examined by the AO during the course of assessment proceedings. It is settled principle of law that non-enquiry by the AO on an issue confers jurisdiction on the CIT to revise the assessment. The Hon ble jurisdictional High .....


Commissioner of Income-Tax, The Assistant Commissioner of Income-Tax Versus M/s New Mangalore Port Trust, Panambur

Revision u/s 263 - Whether Hon ble Tribunal was right in law in quashing the order of the Commissioner of Income Tax under Section 263 of the Act which is as per law as the provisions of Section 14A are applicable to the total income under the Income tax Act and the fact whether the income of the assessee is computed as per Section 11 or not is of no relevance? - Held that - The undisputed facts are that the assessment order under Section 143(3) .....

2016 (1) TMI 868 - BOMBAY HIGH COURT

The Commissioner of Income Tax-2, Mumbai Versus M/s Dena Bank

Validity of revision u/s 263 - order barred by time limitation - Held that - The issue raised by the Appellant is no longer res-integra as an identical issue has been subject matter of consideration before this Court in the case of CIT v/s ICICI Bank Ltd., reported in (2012 (2) TMI 308 - BOMBAY HIGH COURT ) and CIT v/s Lark Chemicals Ltd., reported in (2013 (9) TMI 959 - BOMBAY HIGH COURT) wherein this Court has held that jurisdiction under Secti.....

2016 (2) TMI 90 - ITAT MUMBAI

Gaurav Mathrawala Versus Commissioner of Income Tax -27, Navi Mumbai

Revision u/s 263 - exemption u/s 54F alowed to assessee - Held that - Before the Ld. CIT as well as before us the assessee had duly demonstrated that the assessee had claimed exemption against property purchased at Dosti and another property at Hiranandani Maitry Park was under construction for which only advance was given and assessee had not acquired any possession of the said property. Otherwise also, the said property was jointly held by his .....

2016 (1) TMI 1028 - ITAT CHENNAI

The Asstt. Commissioner of Income-tax Company Circle II (3) /Dy. Commissioner of Income-tax Corporate Circle 2 (1) Chennai Versus M/s The India Cements Ltd

Addition on reversal of income arising on cancellation of sales tax assignment - Held that - The reversal of the amount on cancellation of such assignment consequent upon the amalgamation of M/s Visaka Cement Industry Ltd with assessee-company is only a loss in the course of normal business, therefore, as rightly found by the CIT(A), it has to be allowed. The loss resulted to the assessee is due to cancellation of assignment of sales tax deferred.....

2016 (1) TMI 648 - ITAT CHENNAI

M/s Scientific Publishing Services Pvt Ltd Versus The Deputy Commissioner Of Income Tax

Revision u/s 263 - claim of the assessee under section 10B wrongly allowed by AO - Held that - In the absence of approval letter for 100 export oriented undertaking from the Board appointed on this behalf by Central Government in exercise of powers conferred by section 14 of Industries (Development and Regulation) Act, 1951 as specified under explanation (i) to section 10B of the Act, we are of the opinion that the ld. PCIT has rightly invoked pr.....

2015 (12) TMI 1510 - GUJARAT HIGH COURT

JMC Projects (India) Ltd. Versus Principal Commissioner of Income Tax (Central)

Revision u/s 263 - Held that - Merely because the assessing officer has made additions in a particular manner would not mean that the Commissioner would be confined to scrutiny of the methodology adopted by the assessing officer and to proceed either to confirm or to delete the additions, if such methodology is not found entirely satisfactory. Even without the aid of these wide powers, the appellate authority would have inherent power to uphold t.....

2015 (12) TMI 1377 - ITAT MUMBAI

Nathpa Jhakri Joint Venture Versus The Asst. Commissioner of Income Tax

Revision u/s 263 - Held that - In order to invoke the provision of section 263 of the Act, the order passed by the AO has to be erroneous and prejudicial to the interest of the revenue. Whereas in the present case the order is not erroneous nor prejudicial. The AO had called for details from the assessee in respect of Manglad Flash Flood claim and after considering the reply filed by the assessee allowed and accepted the treatment given to disput.....

2015 (12) TMI 1329 - ITAT CHENNAI

M/s SICGIL India Ltd. Versus The Assistant Commissioner of Income Tax

Deduction under Section 80-IB - revision u/s 263 - Held that - AO is bound to record reasons one way or other for the conclusion reached in the assessment order. The Assessing Officer is expected to discuss the claim of the assessee under Section 80-IB of the Act and record his own reason either for allowing or disallowing the claim of the assessee. Since this exercise has not been done by the Assessing Officer, this Tribunal is of the considered.....


The Commissioner of Income Tax & Another Versus M/s Rashid Exports Industries, Asian Handicrafts

Deductions under Sections 80-IB and 80HHC - whether Tribunal is justified in holding that the deduction u/s 80-HHC and 80-IB on the same figure of profit without reducing deduction allowed u/s 80-HHC ? - revision u/s 263 - Held that - It is not a case where the assessment order is based on incorrect assumption of fact. We also find that it is not a case where the Assessing officer has not applied its mind to the provision of Section 80-IB (13) re.....

2016 (2) TMI 158 - ITAT CHENNAI

The Vellore District Central Co-Op Bank Ltd. Versus The Assistant Commissioner of Income Tax

Revision u/s 263 - in the assessment order deduction u/s. 36(1)(viia) was allowed to the extent of ₹ 14,47,40,656/- as against restricting it to the extent of eligible amount of reserve for Non-performing assets or provisions for bad & doubtful debts shown in the Balance Sheet as on 31.03.2007 at ₹ 68,20,002 - claim of the Ld. A.R. was that the provisions made as per Section-36(1)(viia) has to be allowed though debited under diffe.....

2015 (12) TMI 1183 - BOMBAY HIGH COURT

The Commissioner of Income Tax-I, Pune Versus Bank of Maharashtra

Amortization of premium on HTM securities - treating the same as revenue expenditure could not be said to be erroneous within the meaning of section 263 - Held that - We are of the view that no fault can be found with the impugned order holding that in such a case no occasion to exercise powers of Revision under Section 263 of the Act can arise as held by the Supreme Court in MALABAR INDUSTRIAL CO.LTD (2000 (2) TMI 10 - SUPREME Court). BR BR In v.....

2015 (12) TMI 696 - ITAT HYDERABAD

M/s. Trinity Infra Ventures Ltd., New Delhi Versus DCIT, Hyderabad.

Revision u/s 263 - CIT(A) revising the assessment order passed under section 143(3) read with section 153C for the respective assessment years - Held that - We find that the assessee has given the venture-wise details of income from land along with the name of the party, the document no. and the consideration received and recorded in its books of account for all the relevant assessment years under consideration. We find that the assessee has file.....


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