Revision u/s 263 by CIT - advance gross receipt and the interest ...

Income Tax

November 17, 2022

Revision u/s 263 by CIT - advance gross receipt and the interest receipt - The decision of the AO to allow / accept the advance fees as current liability cannot be stated as unsustainable in law as he has taken a possible view based on application of mind. CIT(E) has not brought any material on record to show that the view taken is contrary to law - AT

View Source

← Previous Next →

Revision u/s 263 by CIT - advance gross receipt and the interest ...

Income Tax

November 17, 2022

You may also like:

Revision u/s 263 - There was no enquiries raised by the AO about the mismatch in the amount of gross receipts shown by the assessee viz a viz reported in the form 26AS...

Exemption under Section 10(23C)(iiiad) - Determination of threshold of turnover - ‘annual receipts’ versus ‘gross receipt’ - The Assessing Officer (AO) disallowed the...

Exemption u/s 11- taxability of unregistered trust - AO has brought gross receipts to tax which is against the basic tenets of law where only the real income which is...

Exemption of Gross Interest u/s 10(15) - exemption under section 10(15) was to be allowed on gross interest and not on the net interest - AT

Nature of receipts - interest earned on FDs during the year was prior to commencement of business - The Appellate Tribunal referred to a previous decision involving the...

FTS in the given case would be taxed at the beneficial rate of 15% on gross receipts as provided in Article 13(2) of the India-UK DTAA. - the tax liability borne by GRSE...

Estimation of income - garnered transportation receipts - Applicability u/s 44AD for receipts on account of truck plying business - If in case the assessee is unable to...

Undisclosed income - addition on the basis of amount reflected in Form No.26AS - No dispute with regard to the fact that the AO taxed the entire difference of receipts -...

Revision u/s 263 - The ITAT held that the AO had conducted adequate inquiries into the sales promotion expenses, as evidenced by the issuance of specific queries to the...

Unaccounted professional income - Income estimation - the grant of 25% of the gross receipts towards expenses is very much on the lower side. In the interest of justice...

Revision u/s 263 - as per CIT-A interest on SBI constitute other income which was not properly verified by the AO - The present revision is on difference of opinion...

TP Adjustment - Impute interest on receivables - LIBOR + 200 basis point rate is most appropriate rate and hence, direct the AO/TPO to adopt LIBOR + 200 basis point for...

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...

Revision u/s 263 - AO on merits has allowed the case u/s 54F of the Act in accordance with law. This cannot be a case for revision u/s 263 - A decision of the AO could...

Rectification u/s 154 - Exemption u/s 11 - accumulation of income for charitable purpose - mistake apparent from the record - whether accumulation at 15% has to be...

Quick Updates: