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Income Tax - Highlights / Catch Notes

Home Highlights December 2020 Year 2020 This

Revision u/s 263 - Characterization of income - Real estate ...

Income Tax

December 31, 2020

Revision u/s 263 - Characterization of income - Real estate business - Assessing Officer has conducted sufficient enquiry as required under Explanation 2(a) to Section 263 and there was material available on record to arrive at a conclusion, which was recorded by the Assessing Officer. It is trite law that merely because a different view can be taken, the powers under Section 263 of the Act cannot be invoked - Decided in favour of assessee. - HC

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  1. Revision u/s 263 - CIT has merely directed the Assessing Officer to make an elaborate inquiry. - revision is not valid - AT

  2. Whether in real estate business tripartite sale on basis of MOU is business income or income from other source - held as business income - AT

  3. Revision u/s 263 - Explanation 2 to section 263 (Deeming erroneous order) is applicable only when there is no enquiry made by the Assessing Officer.

  4. Receipt of liquidated damages - Surplus in our opinion had all the features of business profit, since assessee’s adventure or foray into real estate development was...

  5. Income from house property - Levy of deemed rent on the unsold real estate property of the assessee who is a real estate developer - nothing stops the assessing officer...

  6. 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.

  7. Revision u/sec. 263 - CIT has exceeded his jurisdiction in directing the Assessing Officer to initiate penalty proceedings u/s 271(1)(c) - AT

  8. Revision u/s 263 - unaccounted interest payments - the Commissioner of Income Tax cannot find fault and he cannot impose his view on the Assessing Officer - AT

  9. 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

  10. Revision u/s 263 - any loss of revenue as a consequence of an order passed by the Assessing Officer cannot be treated as prejudicial to the interests of revenue - AT

 

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