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Income Tax - Highlights / Catch Notes

Home Highlights June 2022 Year 2022 This

Revision u/s 263 - As per CIT penalty proceedings u/s.270A not ...

Income Tax

June 27, 2022

Revision u/s 263 - As per CIT penalty proceedings u/s.270A not initiated by AO - the assessment order passed by the AO is neither erroneous nor prejudicial to the interest of the Revenue and thus, we are of the considered view that the PCIT is erred in revising the assessment order u/s.263 of the Act. - AT

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  1. Revision u/s 263 - order cannot be passed by the CIT u/s 263 of the Act to ask the AO to decide whether the assessment order was erroneous or not - AT

  2. Revision u/s 263 - tds credit issue non examination by AO - non examination of an issue by the AO renders the assessment erroneous and prejudicial to the interests of the revenue

  3. Assessment u/s 153A – Invocation of power of revision u/s 263 - Commissioner did not have jurisdiction to initiate any proceedings u/s 263 - HC

  4. Revision u/s 263 - assessment order passed u/s 153A r.w.s 143(3) - no any incriminating material unearthed by search team therefore Assessing Officer’s order is not erroneous.

  5. Revision u/sec. 263 - CIT has exceeded his jurisdiction in directing the Assessing Officer to initiate penalty proceedings u/s 271(1)(c) - AT

  6. Revision u/s 263 - penalty proceedings u/s 271AAB(1A) - The mandate under section 263 of the Act do not give any power to CIT to impose his satisfaction over the...

  7. Revision u/s 263 - assessment order passed by the AO is neither erroneous nor prejudicial to the interest of the Revenue. First of all, the AO has considered the issue...

  8. Validity of revision proceedings u/s 263 - Adoption of either of view by AO - allowability under section 36(1)(viia) - The court concludes that the original assessment...

  9. Revision u/s 263 - as per CIT AO has not examined increase in share capital - The Tribunal noted that the AO had indeed accepted the correct balance sheet filed during...

  10. The view taken by the AO in computing book profit u/s 115JB being an acceptable view, the assessment order passed cannot be considered to be erroneous - revision set aside - AT

 

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