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Income Tax - Highlights / Catch Notes

Home Highlights September 2021 Year 2021 This

Revision u/s 263 by CIT - If there are no materials on record on ...

Income Tax

September 20, 2021

Revision u/s 263 by CIT - If there are no materials on record on the basis of which it can be said that the Commissioner acting in a reasonable manner could have come to such a conclusion, the very initiation of proceedings by him will be illegal and without jurisdiction. TCommissioner cannot initiate proceedings with a view to starting fishing and roving enquiries in matters or orders which are already concluded. - AT

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  1. Revision u/s 263 - due and reasonable opportunity of being heard was not afforded to the assessee - nobody should be condemned unheard as per the maxim “Audi Alteram Partem” - AT

  2. Revision u/s 263 by CIT - the assessee had duly explained as to why certain receipts though subjected to TDS, would not be liable to be offered to tax such as...

  3. 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.

  4. 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

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  6. Revision u/s 263 - the ld PCIT had invoked revision jurisdiction u/s 263 of the Act on the very same point of allowability of LTCL. Hence it could be safely concluded...

  7. Revision u/s 263 - addition u/s 40A(3) - when the entire materials were placed before the Ld. AO during the course of assessment proceeding and only upon verification of...

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