Revision u/s 263 by CIT - PCIT has not disputed the nature of ...

High Court Upholds ITAT Decision: PCIT's Order u/s 263 Deemed Unsustainable, No Misapplication Found.

October 5, 2021

Case Laws Income Tax HC

Revision u/s 263 by CIT - PCIT has not disputed the nature of the investments being strategic investment made for the purpose and in course of the business of the assessee. The PCIT has only looked at the matter from a different legal view on the same set of facts. It was for these reasons, the ITAT had interfered and held that the order passed by PCIT under Section 263 of the Act was not sustainable and accordingly set aside that order. Tribunal has not committed any perversity or applied incorrect principles to the given facts - HC

View Source

← Previous Next →

Revision u/s 263 by CIT - PCIT has not disputed the nature of ...

High Court Upholds ITAT Decision: PCIT's Order u/s 263 Deemed Unsustainable, No Misapplication Found.

October 5, 2021

Case Laws Income Tax HC

You may also like:

Penalty u/s 271(1)(c) - bogus claim u/s 80C - The Tribunal found that there was a discrepancy in the application of penalties by the lower authorities. - While the...

ITAT held that the CIT(A) correctly deleted disallowances related to inter-branch purchases after reviewing the Remand Report. The Revenue's challenge was deemed...

Smuggling - illegal importation of the seized gold - Confiscation of the gold and Indian currency - The Tribunal found no evidence linking the seized Indian currency to...

The ITAT Delhi considered an appeal regarding the addition u/s 56(2)(viib) read with rule 11UA due to a difference in the valuation of shares, analyzing the impact of...

Validity of demand of GST - For assessment year 2017-2018 - Notice in Form ASMT-10 issued for discrepancies found in returns - proceedings initiated pursuant to notice...

ITAT adjudicated a tax dispute involving loan disbursement and potential deemed dividend under Section 2(22)(e). The tribunal found that the loan was sanctioned jointly...

Deemed Dividend - addition of advance salary as deemed dividend - advance was not in the nature of loan and hence cannot be treated as deemed dividend u/s 2(22)(e) - AT

Loan treated as deemed dividend u/s 2 (22) (e)r.w.s. 56 (2) (i) - A deeming provision can also be subject to rebuttal. In the present case from the finding of fact such...

Excess stock found during survey triggers proceedings u/ss 73/74 of the GST Act, not Section 130. The authority noted excess stock by eye estimation without physical...

The High Court quashed the orders initiating proceedings u/s 130 of the GST Act against the petitioner for excess stock found during inspection/search u/s 67. It held...

Excess stock found during survey at petitioner's business premises triggered initiation of proceedings u/s 130 of GST Act. Court held if excess stock is found,...

Deemed dividend addition u/s 2(22)(e) - Since all the conditions necessary for treating the deemed dividend of the amount received in the hands of concern (which in this...

Rent-a-cab scheme operator Service - Deemed Sale - Agreements/contracts of ‘lease’ are, acknowledgedly, taxable as ‘deemed sale’; it is not the case of Revenue that any...

Levy of Service tax - Rent-a-cab Service - deemed sale or not - Agreements/contracts of ‘lease’ are, acknowledgedly, taxable as ‘deemed sale’; it is not the case of...

Deemed dividend u/s. 2(22)(e) - the loan given by the company only in the immediate preceding year, i.e., assessment year 2007-08, should be assessed as deemed dividend...

Quick Updates: