Revision u/s 263 - ‘business income’ OR ‘agricultural income’ - ...

Revision u/s 263: Assessing Officer's Failure to Enquire Leads to Erroneous Income Classification Decision.

December 7, 2022

Case Laws Income Tax AT

Revision u/s 263 - ‘business income’ OR ‘agricultural income’ - In the present case, neither any enquiry has been made by the Assessing Officer nor any questions were asked to the assessee nor any information was called for. Therefore, we have no hesitation to hold that the order passed by the Assessing Officer was erroneous and prejudicial to the interest of revenue within the meaning of section 263 - AT

View Source

← Previous Next →

Revision u/s 263 - ‘business income’ OR ‘agricultural income’ - ...

Revision u/s 263: Assessing Officer's Failure to Enquire Leads to Erroneous Income Classification Decision.

December 7, 2022

Case Laws Income Tax AT

You may also like:

Section 263 revision - Unexplained income u/s 69A read with Section 115BBE - Cash seized shown as 'income from other sources' - Whether to be treated as unexplained...

Revision u/s 263 by CIT - Unexplained bank deposits - PCIT, without making further inquiry on his own account, has simply stated in the impugned order that the Assessing...

Revision u/s 263 - When the provision contained under Section 92CA(4) of the Act makes it mandatory upon the Assessing Officer to compute the total income of the...

Revision u/s 263 - assessment order as contrary to the draft assessment order - The remedy against unjust disallowances, on merits, lies in the appellate process and not...

Revision u/s 263 - addition u/s 68 - The Assessing Officer has taken a possible view. When the Assessing Officer follows the direction of the Ld. Pr. CIT, in his order...

Revision u/s 263 on Insurance business - in the original assessment the Assessing Officer has clearly segregated the Shareholders Account and Policyholders Account and...

Revision u/s 263 - assessee has made purchases in cash - when the learned assessing officer was not required to enquire on those issues such as purchases in cash more...

Revision u/s 263 by CIT - the Tribunal was satisfied on facts that the Assessing Officer has inquired into the matter to the extent required the documents were available...

Revision u/s 263 - carry forward of losses on sale of shares - where there are two possible views and the Assessing Officer has taken one of the possible views, no...

Revision u/s 263 regarding claim of accommodation entry - reliance on statements of third parties. Timelines for completing assessment u/s 143(3). Assessing officer duly...

Revision u/s 263 - CSR expenses - admissibility as the deduction u/s 37(1) - The High Court concurred with the findings of the ITAT that the assessing officer had...

The Appellate Tribunal held that the issues on which the reassessment order was passed u/s 147 read with Section 143(3) and the issues on which the revision order was...

The Appellate Tribunal considered a case involving a revision u/s 263, where the Commissioner contended that the Assessing Officer did not adequately inquire into Long...

Revision u/s 263 by CIT - The Appellate Tribunal found that the PCIT's assumption of jurisdiction under Section 263 was not justified. It observed that the assessment...

Revision u/s 263 by CIT - receipt of share premium - the power of revision u/s 263 does not allow for supplanting or substituting the view of the Assessing Officer. The...

Quick Updates: