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Income Tax - Highlights / Catch Notes

Home Highlights July 2014 Year 2014 This

Invocation of section 263 of the Act – Allowability of the ...

Income Tax

July 3, 2014

Invocation of section 263 of the Act – Allowability of the expenditure - scope of deeper inquiry to be conducted by AO - revision upheld - AT

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  1. Revision u/s 263 - expenditure on purchased CDs on Jain Religion - AO had carried out detailed enquiries and taken a plausible view and accepted the assessee's treatment...

  2. Revision u/s 263 by CIT - allowability of ESOP expenditure - No hesitation in holding that assessee had rightly debited the ESOP compensation cost of ₹ 32.55...

  3. Revision u/s 263 by CIT - as per CIT AO had failed to verify applicability of the provisions of Section 56(2)(viia) - As far as the invocation of Explanation 2 to...

  4. Assessment u/s 153A – Invocation of power of revision u/s 263 - Commissioner did not have jurisdiction to initiate any proceedings u/s 263 - HC

  5. Revision u/s 263 - cash expenditure , prior period expenses, provisions for incentive etc. - CIT has not exercised jurisdiction u/s 263 on the ground of ‘no enquiry’ or...

  6. Revision u/s 263 - AO made detailed inquiries regarding claim of LTCG before accepting the same - it was incumbent upon Pr.CIT to make inquiry so as to reach the...

  7. Revision u/s 263 - claim of deduction of expenditure and depreciation but no revenue has been earned - Pr.CIT has directed the AO to make further enquiry on the...

  8. Allowability of Medical expenses for staff / Director - keeping the principal of “commercial expediency” the assessee incurred the expenditure on his hospitalisation and...

  9. Allowability of Scholarship expenditure as business expense - revenue contended that Scholarship was given to only one student namely, Akash Kumar for getting education...

  10. Revision u/s 263 - Explanation 2 to section 263 (Deeming erroneous order) is applicable only when there is no enquiry made by the Assessing Officer.

 

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