Revision u/s 263 by CIT - Wrong claim of business expenditure - ...

Income Tax

January 12, 2022

Revision u/s 263 by CIT - Wrong claim of business expenditure - Since the assessee failed to prove the nexus between the interest income and expenditure incurred, the CIT set aside the order of AO, who allowed the same under the head “income from other sources”. Even before us, the ld. AR of the assessee failed ot prove the nexus between the interest income and expenditure incurred and, therefore, we uphold the order of CIT on this issue - AT

View Source

← Previous Next →

Revision u/s 263 by CIT - Wrong claim of business expenditure - ...

Income Tax

January 12, 2022

You may also like:

Revision u/s 263 - claiming business expenditure while claiming standard deduction in the rental income - No doubt assessee has claimed the voluntary expenditure under...

Revision u/s 263 - expenditure on purchased CDs on Jain Religion - AO had carried out detailed enquiries and taken a plausible view and accepted the assessee's treatment...

Disallowing of Peak load violation charges paid to PSEB - nature of expenditure - assessee failed to prove that the claim was not penal in nature - expenditure was...

Revision u/s 263 - assessee had utilized the unsecured loans for non business purpose and interest paid on the same has been claimed as business expenses - matter...

The onus is upon the assessee to establish that the money was borrowed for the purpose of business - assessee failed to prove the onus - Claim of Interest disallowed - AT

Addition towards payment made to credit card company - since the assessee had not claimed any expenditure, the question of proving whether it was for the purpose of...

Reverse Charge Mechanism - Business Auxiliary Services - Share of profit in the joint ownership of business - revenue failed to prove that assessee was engaged in providing BAS.

Difference of TDS as per 26AS and TDS as declared in Return of Income (ROI) - AO failed to make inquiries - revision order u/s 263 is valid - AT

Payment towards membership of OTC (Delhi stock exchange) - nature of expenditure - provision made for doubtful advance for membership - Assessee failed to prove its case...

Invocation of section 263 of the Act – Allowability of the expenditure - scope of deeper inquiry to be conducted by AO - revision upheld - AT

Quick Updates: