Revision u/s 263 - Revision based on Audit Objection - a ...

Income Tax

August 26, 2022

Revision u/s 263 - Revision based on Audit Objection - a mechanical exercise of revisionary powers u/s 263 by the Revisionary Authority by merely citing the Audit Objection cannot be said to be a valid exercise of Revisionary Powers. - PCIT is require to give an independent finding considering the record. The error in the order of the AO, that too such an error which is prejudicial to the interests of the Revenue, has to be pointed out by the Revisionary Authority in the order. The onerous power cannot be exercised mechanically and arbitrarily. - AT

View Source

← Previous Next →

Revision u/s 263 - Revision based on Audit Objection - a ...

Income Tax

August 26, 2022

You may also like:

Revision u/s 263 by CIT - Merely on the basis of audit objection powers u/s 263 could not have been exercised. The impugned order u/s 263, does not indicate that the...

Revision u/s 263 - The tribunal held that, when the ld. PCIT himself was satisfied that there was no error in the order of the Assessing Officer vis-à-vis irregularities...

Revision u/s 263 - Scope of audit objection - The entire exercise seems to have been done because of audit objection only. Since, the Assessing Officer had duly enquired...

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...

Revision u/s 263 - claim of TDS - In the absence of any demonstrable loss of revenue, interference in exercise of power u/s 263 cannot be justified - AT

Revision u/s 263 - the ld PCIT had invoked revision jurisdiction u/s 263 of the Act on the very same point of allowability of LTCL. Hence it could be safely concluded...

Revision u/s 263 - applicability of section 56(2)(x) - assessee acquired leasehold/freehold land and building from the BDMC - The ITAT found that the revisionary...

Revision u/s 263 - Invoking revisionary power u/s 263 of the Act is merely on suspicions is untenable. Further, the Ld. PCIT has not made any discussion on the issues...

Revision u/s 263 by CIT - the assessee had duly explained as to why certain receipts though subjected to TDS, would not be liable to be offered to tax such as...

Tribunal has no jurisdiction to entertain a baggage matter for which the appellant may choose to exercise its right of revision before the Revisionary Authority - AT

Quick Updates: