Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights November 2022 Year 2022 This

Revision u/s 263 by CIT - As against the interest income as per ...


CIT Validly Initiates Revision Proceedings u/s 263 for Underreported Interest Income Discrepancy in Assessee's Records.

November 21, 2022

Case Laws     Income Tax     AT

Revision u/s 263 by CIT - As against the interest income as per Form 26AS, the assessee has accounted for the same at less in the P&L account and there is under assessment of interest income which the AO failed to enquire. - Revision proceedings are valid - AT

View Source

 


 

You may also like:

  1. Revision u/s 263 - at the time of exercise of jurisdiction under Section 263, admittedly, proceedings before AAR was pending on the issue of taxability of receipts from...

  2. Revision u/s 263 - AO did not initiate penalty proceedings u/s. 271(1) (c) - No hesitation in holding that the CIT is not correct in assuming jurisdiction u/s 263 of the...

  3. Revision u/s 263 - As per CIT, AO has not examined the issue of interest expenditure claimed against interest from third party - The Tribunal observed that the...

  4. Revision u/s 263 - PCIT partially looking into the assessment records and initiated the Revision proceedings on the ground that the assessee failed to submit evidences...

  5. Revision u/s 263 - Validity of proceedings – CIT has no jurisdiction to direct the Assessing Officer to initiate proceedings u/s 201(1A) - AT

  6. Revision u/s 263 - The argument of the petitioner that the assessment order was not prejudicial to the interest of revenue and therefore the proceeding under Section 263...

  7. 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...

  8. The Appellate Tribunal reviewed a case involving a revision u/s 263 related to deduction u/s 80P(2)(a)(i). The AO allowed interest income from FD investments as a...

  9. Revision u/s 263 involving excess deduction of transport expenses and non-deduction of TDS on transportation charges. CIT held AO failed to verify adequately, rendering...

  10. Revision u/s 263 - Erroneous allowance of deduction u/s 54B - it is not the case that the AO has not made enquiry. Indeed the Pr. CIT initiated proceedings under section...

  11. Revision u/s 263 - Erroneous allowance of deduction u/s 54B - it is not the case that the AO has not made enquiry. Indeed the Pr. CIT initiated proceedings under section...

  12. 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...

  13. 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...

  14. Revision u/s 263 - disallowance u/s 36(1)(iii) - Since the issue under consideration during the assessment proceedings was only confined to the disallowance of interest...

  15. 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...

 

Quick Updates:Latest Updates