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Income Tax - Highlights / Catch Notes

Home Highlights June 2016 Year 2016 This

Revision u/s 263 - violation of the provisions of section 40A(3) ...

Income Tax

June 22, 2016

Revision u/s 263 - violation of the provisions of section 40A(3) - CIT is not justified in invoking jurisdiction u/s 263 on the strength of an audit note - AT

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  1. Addition u/s 40A(3) - Payment not made in cash but paid to third parties on behalf of supplier of goods – AO was not justified in invoking the section 40A(3) - AT

  2. Revision u/s 263 by CIT - addition u/s 40A ignored by AO - expenses have been incurred in cash exceeding Rs. 20,000/- per day - AO is expected to examine the provisions...

  3. Revision u/s 263 - Cash payments towards purchase of capital goods - Violation of the provisions of section 40A(3) - PCIT himself could have examined the impugned...

  4. Revision u/s 263 - It is manifest from the record and particularly from the assessment order and order sheet entries that the AO has not taken up this issue of...

  5. Revision u/s 263 - claim of TDS - In the absence of any demonstrable loss of revenue, interference in exercise of power u/s 263 cannot be justified - AT

  6. Revision u/s 263 by CIT - cash payment made for purchase of old gold jewellery - Actually the assessee has not made any purchases in cash in alleged transactions and...

  7. Revision u/s 263 - the ld PCIT had invoked revision jurisdiction u/s 263 of the Act on the very same point of allowability of LTCL. Hence it could be safely concluded...

  8. Invocation of section 40A(3) - Octroi was paid to the Ahmedabad Municipal Corporation – Cash payment - payment does not come within the provisions of section 40A(3) read...

  9. Disallowance u/s 40A(3) - when income of the assessee was computed by applying the gross profit rate, there was no need to look into the provision of section 40A(3) - AT

  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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