Jurisdiction of CIT u/s 263 – It is evident that after ...

CIT Jurisdiction Invoked u/s 263 Due to AO's Inaction on Share Capital and Premium Inquiry.

October 29, 2014

Case Laws Income Tax AT

Jurisdiction of CIT u/s 263 – It is evident that after collecting some information the AO did not act any further. There is no whisper in the order sheet as to whether AO made any discussion or enquiry with regard to the share capital and share premium - revision upheld - AT

View Source

← Previous Next →

Jurisdiction of CIT u/s 263 – It is evident that after ...

CIT Jurisdiction Invoked u/s 263 Due to AO's Inaction on Share Capital and Premium Inquiry.

October 29, 2014

Case Laws Income Tax AT

You may also like:

Revision u/s 263 by CIT - Addition u/s 68 - unexplained share application money - Since the aforesaid exercise was carried out by the second AO in the reassessment...

Revision u/s 263 by CIT - Jurisdiction exercised by ld PCIT under section 263 of the Act is not in accordance with law. PCIT has selected the item (share capital and...

The Appellate Tribunal examined the issue of invoking revisional jurisdiction u/s 263 in a case involving receipts of accommodation entries and reopening of assessment....

PCIT invoked section 263 against order of AO accepting valuation report of merchant banker determining share value at premium. ITAT held that AO failed to make proper...

Revision u/s 263 - Deduction u/s 36(1)(vii) with respect to write off of interest - CIT could not invoke jurisdiction u/s 263 as the view taken by the AO was a...

Section 263 revision - derivative transactions losses - inadequate inquiry by Assessing Officer (AO). Commissioner of Income Tax (CIT) set aside AO's order for...

u/s 263, the AO had not made any addition regarding cash deposits in the assessee company's bank account and unsecured loan received during the year under consideration,...

The assessment order was passed without verifying the allowability of the cost of improvement as per Section 55(1)(b)(2), rendering it erroneous and prejudicial to...

Revision u/s 263 - For the purpose of exercising jurisdiction u/s 263 of the Act, the conclusion that the order of the AO is erroneous and prejudicial to the interest of...

Assumption of jurisdiction u/s 153A was challenged due to unexplained credit u/s 68. Share capital, being a liability, cannot be treated as an asset to invoke...

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...

Revision u/s 263 - addition made u/s. 68 - Assessee had discharged the onus upon it about the identity creditworthiness and genuineness of the share capital and premium...

Assessing Officer conducted due enquiries regarding cash deposits during demonetization period, called for details from assessee to substantiate source. AO applied mind,...

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...

Revision u/s 263 - Issue of shares at premium - It is abundantly clear that an enquiry was, indeed, made by the AO with regard to the subject shares being issued at high...

Quick Updates: