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Income Tax - Highlights / Catch Notes

Home Highlights August 2015 Year 2015 This

Revision u/s 263 - AO has failed to discharge his legal ...

Income Tax

August 28, 2015

Revision u/s 263 - AO has failed to discharge his legal obligation to ascertain truth of statement furnished by the Assessee by means of verification with account books. The Commissioner has rightly held that assessment order is erroneous and prejudicial to the interest of revenue - HC

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  1. Adequate rebut of Legal presumption - Deemed sale drawn by the authorities under Section 46(15)(d) of the AGST Act - the authorities have failed to discharge the obligation - HC

  2. Revision u/s 263 by CIT - It is the duty of the AO to ascertain the truth of the facts stated / submitted by the assessee especially when the circumstances of the case...

  3. Difference of TDS as per 26AS and TDS as declared in Return of Income (ROI) - AO failed to make inquiries - revision order u/s 263 is valid - AT

  4. Revision u/s 263 by CIT- underassessment of income - CIT doubted the expense claimed u/s. 57(iii) - Claim of general expenses against interest income - No doubt,...

  5. Revision u/s 263 - unexplained cash deposits - AO is not only an adjudicator, but also an investigator who failed to investigate the source and truth behind the cash...

  6. Revision u/s 263 - lack of enquiry - Deemed dividend u/s 2(22)(e) - AO had not only made the enquiry or verification to ascertain the applicability of section 2(22)(e)...

  7. Appraisal report available but AO ignored, a fit case for revision u/s 263 - HC

  8. 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...

  9. Revision u/s 263 - Deduction u/s 80IC - Since, AO had not expressed any view in that behalf as is discernible from the assessment order, revision order sustained.

  10. Revision u/s 263 - AO while completing the assessment u/s 143(3) never applied his mind to various issues as pointed out by the CIT - revision upheld - AT

 

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