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Income Tax - Highlights / Catch Notes

Home Highlights January 2017 Year 2017 This

Revision u/s 263 - MAT computation u/s 115JB - there was no ...

Income Tax

January 16, 2017

Revision u/s 263 - MAT computation u/s 115JB - there was no justification for the CIT to use his revisionary powers in the case under consideration. It is to be remembered that the accounts of the assessee were audited by the C&AG and by a special auditor. They had not found any defect in the accounts prepared by it - AT

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  1. Revision u/s 263 - Revision based on Audit Objection - a mechanical exercise of revisionary powers u/s 263 by the Revisionary Authority by merely citing the Audit...

  2. MAT Computation u/s 115JB - Revisions proceedings u/s 263 - CIT directed the AO to make certain additions to book profit u/s 115JB - What we find is in the order passed...

  3. 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...

  4. Revisionary powers of Commissioner u/s 263 - contradictory statements - AO did not considered these statements - CIT has remanded back the matter to AO - no prejudice...

  5. Revision u/s 263 - The tribunal held that, when the ld. PCIT himself was satisfied that there was no error in the order of the Assessing Officer vis-à-vis irregularities...

  6. Revision u/s 263 - Invoking revisionary power u/s 263 of the Act is merely on suspicions is untenable. Further, the Ld. PCIT has not made any discussion on the issues...

  7. Book adjustments u/s 115JB - Insurance company - Minimum alternate tax (MAT) - these companies cannot be treated differently for the purpose of sec. 115JB - provisions...

  8. Revision u/s 263 - power of CIT to revise - return processes u/s 143(1) is not subjected to revision - AT

  9. Revision u/s 263 - CIT was clothed with ample supervisory powers to direct for redoing the assessment provided twin conditions as envisaged by Section 263 were fulfilled.

  10. 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

 

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