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Income Tax - Highlights / Catch Notes

Home Highlights July 2020 Year 2020 This

Revision u/s 263 - Income recognition method - PCIT cannot ...

Income Tax

July 22, 2020

Revision u/s 263 - Income recognition method - PCIT cannot direct the AO for denovo assessment without assigning any defects or deficiencies in the method of accounting of revenue recognition on account of sale of flats/residential units/land and regarding non-applicability of AS-7 as contended by ld counsel for the assessee during the proceedings u/s 263.

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  2. 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.

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