AO absolutely closed his eyes for the reasons best known to him ...

CIT Uses Section 263 to Review AO's Acceptance of Tax Return; Original Decision Confirmed.

July 18, 2014

Case Laws Income Tax AT

AO absolutely closed his eyes for the reasons best known to him and accepted the admitted income at the face of the return which necessitated the CIT to exercise his powers u/s. 263 – thus, the order of the CIT is confirmed - AT

View Source

← Previous Next →

AO absolutely closed his eyes for the reasons best known to him ...

CIT Uses Section 263 to Review AO's Acceptance of Tax Return; Original Decision Confirmed.

July 18, 2014

Case Laws Income Tax AT

You may also like:

Review petition - Levy of penalty u/s 271(1)(c) - Tribunal sustaining the levy without providing an opportunity of hearing - Review applicant had paid entire tax amount...

Reopening of assessment u/s 147 - When the A.O. admits in the notice under section 142(1) Dated 20.10.2014 that assessee filed return of income under section 148 of the...

The ITAT Pune dealt with a case involving denial of standard deduction and Chapter VIA deductions u/s 80C. The appellant, an individual earning income under the head...

HC allowed the petition challenging tax authorities' rejection of revised income tax return. The court found that the petitioner received land acquisition compensation...

Validity of manual revised returns filed - scheme of demerger approved - scheme of arrangement approved by NCLT required Petitioner and Hind Lamps to file revised...

Revision petition u/s. 264 - disallowance of carry forward of loss to subsequent years - CIT while disposing of the 264 petition of the assessee, had clearly directed...

The assessee failed to claim the Minimum Alternate Tax (MAT) credit in the original income tax return and did not file a revised return. The Assessing Officer (AO) did...

CIT(A) deleted addition on unaccounted business income, accepting assessee's retraction of statement recorded u/s 132(4). CIT(A) agreed cash payment of 60 crores by...

The Income Tax Appellate Tribunal held that the revised return of income filed by the assessee cannot be treated as invalid by the Assessing Officer (AO). Since the AO...

When the AO rejects the revised return then the whole return is invalid. In case AO makes addition from the revised return then it means that he recognizes the revised...

The taxpayer filed an original return which was processed by the CPC. Subsequently, a revised return was filed u/s 139(5) with a self-assessment tax of Rs. 10,820/-....

The Appellate Tribunal addressed several key issues. Firstly, on Transfer Pricing (TP) adjustment, it found errors in the CIT(A)'s decision as rectification was only...

Deduction u/s. 80IB(10) - non filling of return on time - the ITAT held that the return filed beyond the due date cannot claim deduction under section 80IB(10) as per...

The assessee, a works contractor, filed a return in compliance with Section 153A notice and claimed deduction u/s 80IA, which was not claimed in the original return...

Foreign Tax Credit (FTC) under Article 24(2) of the India-UK DTAA read with Section 90 - As the assessee has filed original return of income before the due date of...

Quick Updates: