Revision u/s 263 by CIT - Addition u/s 68 - the transaction has ...

CIT Revises Assessment u/s 263 Due to Unexplored Transactions u/s 68; Revision Order Upheld.

November 25, 2022

Case Laws Income Tax AT

Revision u/s 263 by CIT - Addition u/s 68 - the transaction has never been examined by the assessing officer. No enquiry has been conducted relating to the alleged sum. - where only few cases are selected for scrutiny such type of scrutiny proceedings as has been carried out by the assessing officer are erroneous so far as they are prejudicial to the interest of the revenue wherein the important aspects and the crucial financial transactions having sufficient volume in terms of value remained to be examined by the AO. - Revision order sustained - AT

View Source

← Previous Next →

Revision u/s 263 by CIT - Addition u/s 68 - the transaction has ...

CIT Revises Assessment u/s 263 Due to Unexplored Transactions u/s 68; Revision Order Upheld.

November 25, 2022

Case Laws Income Tax AT

You may also like:

Scope of CIT in Revision u/s 263 - Restricted to issues raised in SCN or can enlarge the scope - it is not allowable and open to the CIT to set out one reason for...

CIT allowed to invoke Section 263 to revise assessment order due to AO's failure to verify assessee's explanation regarding investment in mutual funds/shares despite...

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...

Revision u/s 263 - Being conscious of the fact that the original assessment order could not be revised under section 263 of the Act due to bar of limitation, as provided...

The ITAT Rajkot dealt with a case involving revision u/s 263 of the Income Tax Act regarding orders u/s 92CA. The amendment to section 263 clarified the jurisdiction to...

Revision u/s 263 by CIT - Addition u/s 68 - unexplained share application money - Since the aforesaid exercise was carried out by the second AO in the reassessment...

Section 263 revision - derivative transactions losses - inadequate inquiry by Assessing Officer (AO). Commissioner of Income Tax (CIT) set aside AO's order for...

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...

Revision u/s 263 by CIT - Addition u/s 68 - unexplained credit - The Tribunal meticulously examined the submissions, the audit objections, and the law's provisions. It...

u/s 263, the AO had not made any addition regarding cash deposits in the assessee company's bank account and unsecured loan received during the year under consideration,...

Jurisdiction power u/s 263 by CIT(A) - only the untouched parts of the assessment order, which did not fall for consideration before the CIT(A) are still open to the CIT...

Revision u/s 263 - amount of HUF was deposited not in the account of the HUF but into the account of the individual - CIT has enquired before invoking the provisions of...

CIT(A) allowed assessee to withdraw appeal against section 263 revision order, stating Tribunal quashed section 263 order and CIT(A) erred in not deciding appeal merits....

Revision u/s 263 by CIT - Addition of unexplained cash credit u/s 68 - AO has deemed it fit and proper to treat the cash deposits as the business receipts of the...

Appealable order before CIT(A) - scope of order passed on the basis of direction given u/s 263, revisionary proceedings - Therefore, for all purposes, the computation of...

Quick Updates: