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Income Tax - Highlights / Catch Notes

Home Highlights March 2015 Year 2015 This

Revision u/s 263 - Agriculture land - As such, there is no ...

Income Tax

March 18, 2015

Revision u/s 263 - Agriculture land - As such, there is no incriminating material in the possession of the Assessing Officer to hold that the land in question is capital asset within the meaning of section 2(14) - Revision u/s 263 annulled - AT

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  1. Revision u/s 263 - assessment order passed u/s 153A r.w.s 143(3) - no any incriminating material unearthed by search team therefore Assessing Officer’s order is not erroneous.

  2. Revision u/s 263 - entire materials on record were not considered by the Assessing Officer - It would have definitely be an erroneous procedure adopted by the AO - HC

  3. Revision u/s 263 - Nature of capital gain - On going through the copy of the purchase deed of the said land, we find that direct possession of the land in question had...

  4. Revision u/s 263 by CIT - receipt of share premium - the power of revision u/s 263 does not allow for supplanting or substituting the view of the Assessing Officer. The...

  5. Revision u/s 263 - CIT has merely directed the Assessing Officer to make an elaborate inquiry. - revision is not valid - AT

  6. 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.

  7. Exemption u/s 10(37) - Assessee has received compensation on compulsory acquisition of urban agricultural land - Once sufficient material is placed that land was...

  8. Revision u/sec. 263 - CIT has exceeded his jurisdiction in directing the Assessing Officer to initiate penalty proceedings u/s 271(1)(c) - AT

  9. Revision u/s 263 - unaccounted interest payments - the Commissioner of Income Tax cannot find fault and he cannot impose his view on the Assessing Officer - AT

  10. Revision u/s 263 - any loss of revenue as a consequence of an order passed by the Assessing Officer cannot be treated as prejudicial to the interests of revenue - AT

 

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