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Income Tax - Highlights / Catch Notes

Home Highlights February 2019 Year 2019 This

Revision u/s 263 - power of CIT for assessment in revision order ...

Income Tax

February 6, 2019

Revision u/s 263 - power of CIT for assessment in revision order - He may pass an order enhancing the assessment or he may modify the assessment. He is also empowered to cancel the assessment and direct a fresh assessment. CIT is fully competent to adopt any one of the three causes indicated by the said provision.

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  1. 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.

  2. Assessment u/s 153A – Invocation of power of revision u/s 263 - Commissioner did not have jurisdiction to initiate any proceedings u/s 263 - HC

  3. Revision u/s 263 - period of limitation - CIT may enhance, modify or cancel the assessment order and may also direct the AO to cause examination of the details and...

  4. 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...

  5. Revision u/s 263 - order cannot be passed by the CIT u/s 263 of the Act to ask the AO to decide whether the assessment order was erroneous or not - AT

  6. Revision u/s 263 - period of limitation for passing order - Only in a case where the issues before the Commissioner at the time of exercising powers u/s 263 relate to...

  7. Revision u/s 263 - assessment order passed u/s 153A r.w.s 143(3) - no any incriminating material unearthed by search team therefore Assessing Officer’s order is not erroneous.

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

  10. Power of revision under section 263 – Amendment to Explanation to Section 115 JB - subsequent amendment in 2005 even though retrospective will not attract the provision...

 

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