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Income Tax - Highlights / Catch Notes

Home Highlights January 2017 Year 2017 This

Revision u/s 263 - mistake in the computation of income - ...

Income Tax

January 12, 2017

Revision u/s 263 - mistake in the computation of income - reduction of entire rent received during the year - assessee admitted that related documents were not filed during the assessment proceedings - revision order sustained - AT

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  1. 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...

  2. Rent receivable - Accrual of rental income - Addition of Income based on TDS certificate whereas deductor admitted the mistake is not correct. - AT

  3. 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

  4. Revision u/s 263 - reduction from provision created for bad and doubtful debts for rural advances - real income theory - This provision for bad and doubtful debts...

  5. Revision u/s 263 by CIT - AO has noted that details of expenses relating to business promotion, lease rent, commission, petrol, travelling etc. were filed by the...

  6. Revision u/s 263 - Non deduction of TDS u/s 194I - Assessee also shown evidence of payment of rent to different four persons @ Rs. 96,000/- per annum only. Such payment...

  7. Revision u/s 263 - Assessee has regular dealings with these related persons/entities and necessary confirmation is on record and therefore, the findings of the ld PCIT...

  8. Taxability of Advance Rent received - the assessee received advance rent from the Government Agencies which is not accrued to the assessee and the same has to be taxed...

  9. Renting of immovable property - Assessee is liable to pay service tax in respect of such one time amounts received in respect of lease granted for less than 30 years - AT

  10. Revision u/s 263 - The share premium so received was capital receipt not liable to tax during the year under consideration. Necessary enquiries with regard to share...

 

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