Home Highlights January 2013 Year 2013 This

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1. Revision u/s 263 by CIT - An incorrect assumption of the fact or an incorrect application of law will satisfy the requirement of the order being erroneous. The phrase...

2. Revision u/s 263 - Assessment u/s 153C - revision of invalid assessment - the present proceedings being collateral proceedings and if the assessment order is inherently...

3. Revision u/s 263 - the assessee made no specific claim u/s. 80P2(d) of the Act before the AO nor in the return of income as rightly pointed by the ld. DR. - Further, AO...

4. Revision u/s 263 by CIT - The phrase prejudicial to the interest of revenue has to be read in conjunction with an erroneous order passed by the A.O. Every loss of...

5. Revision u/s 263 - CIT setting aside the second reassessment order - time limit to take action u/s 263 - the necessity for the Commissioner to have substantial grounds...

6. Revision u/s 263 - loss on sale of shares - non-mentioning of the reasons for allowing the claim, will not make the assessment order erroneous. To hold the assessment...

7. Revision u.s 263 - assessment order passed pursuant to the revisionary order has resulted in reduction of tax liability - not prejudicial to the interest of the Revenue...

8. Revision u/s 263 - successor PCIT / CIT did not agree with his predecessor - second revision order - assessment has been set aside or de novo assessment - sending of the...

9. Revision u/s 263 - The expression prejudicial to the interest of the revenue is of wide import and is not confined to merely loss of tax. - The term erroneous means a...

10. Revision u/s 263 - Every loss of revenue as a consequence of an order of AO cannot be treated as prejudicial to the interests of the revenue, for example, when an...

11. Revision u/s 263 - Validity of order passed by the A.O. u/s.143(3) questioned - when the impugned order of reassessment u/s 143(3), in itself had been passed on the...

12. Revision u/s 263 - during the course of assessment, the AO made an addition on account of unexplained cash credit of unsecured loan u/s 68 - AO omitted to disallow the...

13. Revision u/s 263 - The Tribunal concluded that the assessing officer had conducted a reasonable inquiry into the relevant issues, and the assessment order was neither...

14. Question of law or facts - on the facts and circumstances of the instant case, as the plea of limitation turns on facts and as it is clearly not a pristine question of...

15. Jurisdiction - powers of AO to re-assess the escape turnover - Power of suo moto revision. - The High court found that the respondent No. 3 (Additional Commissioner of...