Revision u/s 263 by CIT - PCIT himself has not carried out any ...

PCIT's Section 263 Revision Lacks Specific Errors, Relies on Insufficient Inquiry Without New Findings or Fact Verification.

October 8, 2021

Case Laws Income Tax AT

Revision u/s 263 by CIT - PCIT himself has not carried out any examination or verification of facts and has simply directed the AO to ‘may verify Form 10CC and initial years assessment orders of each business based on the contract entered with Railways’. PCIT has merely set aside to indulge in verification of the same facts yet again without citing as to how the AO has committed any error except alleging no proper enquiry. - As no two persons possibly think alike, variance in their analysis, understanding and application of law in same or similar factual matrix by itself would not empower a superior authority to displace the view of the lower authority. - AT

View Source

← Previous Next →

Revision u/s 263 by CIT - PCIT himself has not carried out any ...

PCIT's Section 263 Revision Lacks Specific Errors, Relies on Insufficient Inquiry Without New Findings or Fact Verification.

October 8, 2021

Case Laws Income Tax AT

You may also like:

The assessee claimed exemption from long-term capital gains tax on the sale of agricultural land situated beyond the prescribed distance from municipal limits. The...

Revision u/s 263 - The Pr. CIT has not pointed out as to what is the error committed by the AO in accepting the replies from various parties. Without pointing out any...

Revision u/s 263 - lack of inquiry by AO - it is a case where the AO did not make any inquiry vis-à-vis the share premium and simply accepted the details filed by the...

Revision u/s 263 by CIT - lack of inquiry v/s inadequate inquiry - apparently from the records and as per the observations of the Ld. PR. CIT, coupled with the failure...

Section 263 revision - derivative transactions losses - inadequate inquiry by Assessing Officer (AO). Commissioner of Income Tax (CIT) set aside AO's order for...

Revision u/s 263 - As the assessment was completed after making required amount of enquiry and there was no lake of enquiry or investigation by the AO on the issues...

Revision u/s 263 - There is no quarrel on the point that if the AO has raised the query on this issue of applicability of provision of section 115BBE which was replied...

Assessing Officer conducted due enquiries regarding cash deposits during demonetization period, called for details from assessee to substantiate source. AO applied mind,...

Revision u/s 263 - distinction between "lack of enquiry" and "inadequate enquiry" - AO is not required to give detailed reason in respect of each and every item of...

The Appellate Tribunal examined the issue of invoking revisional jurisdiction u/s 263 in a case involving receipts of accommodation entries and reopening of assessment....

Central Excise demands cannot be sustained solely based on confessional statements without corroborative documentary evidence. Retracted affidavits cannot be relied upon...

Revision u/s 263 by CIT - It is the duty of the AO to ascertain the truth of the facts stated / submitted by the assessee especially when the circumstances of the case...

Revision u/s 263 - unsecured loan - AO after having received relevant documents including confirmation has not taken pains to verify the veracity of loan transactions...

Revision u/s 263 - deduction u/s 80P(2)(a)(i) against interest income earned by the assessee - case falls under the category of ‘no inquiry’ rather than ‘lack of...

AO failed to conduct proper inquiries regarding genuineness of loan transactions for property acquisition. Bank statements revealed assessee lacked funds, payments made...

Quick Updates: