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Income Tax - Highlights / Catch Notes

Home Highlights April 2015 Year 2015 This

Section 263 does not empower the CIT to thrust upon his view on ...

Income Tax

April 28, 2015

Section 263 does not empower the CIT to thrust upon his view on the Assessing Officer. Revision u/s 263 is possible only if both the conditions i.e. the order passed by the Assessing Officer is erroneous and it is prejudicial to the interest of the Revenue, are satisfied. - AT

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  1. 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

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

  3. Revision u/s 263 - addition u/s 68 - The Assessing Officer has taken a possible view. When the Assessing Officer follows the direction of the Ld. Pr. CIT, in his order...

  4. 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.

  5. 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...

  6. 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.

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

  8. 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

  9. 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

  10. Revision u/s 263 - Validity of proceedings – CIT has no jurisdiction to direct the Assessing Officer to initiate proceedings u/s 201(1A) - AT

 

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