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Income Tax - Highlights / Catch Notes

Home Highlights October 2015 Year 2015 This

Revision u/s 263 - since the Revenue had accepted similar ...

Income Tax

October 12, 2015

Revision u/s 263 - since the Revenue had accepted similar transactions in the past and had allowed a view to sustain for several years, an exercise under Section 263 of the Act was not warranted. - HC

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  1. 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...

  2. Accrual of income - assessee was declaring LPS on outstanding credit receivables on accrual basis - hybrid system of accounting - the assessee has followed the...

  3. Revision u/s 263 - unverified URD purchases - All these transactions are interconnected and linked with each other. If any of the transaction is doubted then...

  4. 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.

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  6. Validity of revision proceedings u/s 263 - Adoption of either of view by AO - allowability under section 36(1)(viia) - The court concludes that the original assessment...

  7. Revision u/s 263 by CIT - bogus loss on shares - penny stock transactions - Reliance on audit objection given by the audit party - As safely concluded that the ld. AO...

  8. Revision u/s 263 - Claim of deduction u/s 57(iii) - Since this stand taken by the assessee with respect to claiming 10% deduction against income from other sources have...

  9. Revision u.s 263 - assessment order passed pursuant to the revisionary order has resulted in reduction of tax liability - not prejudicial to the interest of the Revenue...

  10. If two views are possible & AO accepted one view – CIT can not revise the order u/s 263 – HC

 

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