Validity of revisionary jurisdiction u/s.263 - the conveyance ...

Principal Commissioner's Section 263 revision invalid; Assessing Officer's view on unregistered agreement upheld, no possession by trust.

November 1, 2021

Case Laws Income Tax AT

Validity of revisionary jurisdiction u/s.263 - the conveyance deed was executed only after the Order of the Charity Commissioner ; that the assessee trust was never in possession, that the possession of the Purchaser in respect of certain portions was in their capacity as lessees. In the present case, the agreement i.e the Consent Terms is not registered and hence the doctrine of part performance cannot be applied and consequently section 2(47)(v) of the Act cannot be made applicable. - AO having taken a possible view - Revision jurisdiction u/s.263 of the Act invoked by the ld. PCIT, is devoid of merit and against the provisions of the Act - AT

View Source

← Previous Next →

Validity of revisionary jurisdiction u/s.263 - the conveyance ...

Principal Commissioner's Section 263 revision invalid; Assessing Officer's view on unregistered agreement upheld, no possession by trust.

November 1, 2021

Case Laws Income Tax AT

You may also like:

Revision u/s 263 - addition u/s 68 - The Assessing Officer has taken a possible view. When the Assessing Officer follows the direction of the Ld. Pr. CIT, in his order...

Revision u/s 263 - PCIT is incorrect in coming to the conclusion that Assessing Officer has not examined the issue and applied his mind insofar as investments in fixed...

The Principal Commissioner or Commissioner having jurisdiction over transfer pricing matters has been empowered, effective April 1, 2022, to invoke revisionary action...

Reopening of assessment u/s 147 - Assessing Officer to usurp the jurisdiction to reopen the assessment - The first Assessing Officer has made the reassessment after...

Faceless assessment notices issued by Joint Assessing Officer instead of Facessing Assessing Officer held invalid as lacking jurisdiction u/s 151A read with Central...

Revision u/s 263 by CIT - receipt of share premium - the power of revision u/s 263 does not allow for supplanting or substituting the view of the Assessing Officer. The...

Revision u/s 263 - bogus purchase - proof of nexus between the purchases and sales - once submission/reply filed by the assessee, pursuant to enquiry by the Assessing...

Revision u/s 263 - carry forward of losses on sale of shares - where there are two possible views and the Assessing Officer has taken one of the possible views, no...

Revision u/s 263 by CIT - sale of impugned land measuring 10.162 acres below the stamp duty value - under the given circumstances, it can be safely concluded that the...

The ITAT Delhi held that the notice issued by a non-jurisdictional Assessing Officer u/s 148 was invalid. The jurisdiction over the assessee was with a different...

Revision u/s 263 - assessment order as contrary to the draft assessment order - The remedy against unjust disallowances, on merits, lies in the appellate process and not...

The Appellate Tribunal dismissed the assessee's appeal regarding the revision u/s 263 concerning unsecured loans received. The Principal Commissioner found that the...

Reopening of assessment u/s 147 - Once a query has been raised by Assessing Officer through the assessment proceeding and the assessee has responded to that query, it...

Reopening of assessment u/s 147 - When the primary facts necessary for assessment are fully and truly disclosed, the Assessing Officer is not entitled to a change of...

Reopening of assessment u/s 147 - change of opinion - when the primary facts necessary for assessment are fully and truly disclosed, the Assessing Officer is not...

Quick Updates: