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Income Tax - Highlights / Catch Notes

Home Highlights January 2023 Year 2023 This

Revision u/s 263 - the ITAT was at fault while setting aside the ...

Income Tax

January 5, 2023

Revision u/s 263 - the ITAT was at fault while setting aside the revision order - It ought to have seen the mistakes committed by the Assessing Officer which resulted in an erroneous order being passed in favour of the respondent which was prejudicial to the interest of the revenue. In our view, the power was rightly exercised by the Commissioner of Income Tax while invoking Section 263- HC

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  1. Revision u/s 263 - unaccounted interest payments - the Commissioner of Income Tax cannot find fault and he cannot impose his view on the Assessing Officer - AT

  2. Revision u/s 263 - Deduction u/s 80I - what the learned tribunal ought to have noted is that whether the assessing officer/PCIT can revisit the claim which was accepted...

  3. Revision u/s 263 - CIT has merely directed the Assessing Officer to make an elaborate inquiry. - revision is not valid - AT

  4. Revision u/s 263 by CIT - The order passed by the ld. Assessing Officer while completing the reassessment u/s 143(3) r.w. section 147, neither suggests that any such...

  5. Revision u/s 263 - Explanation 2 to section 263 (Deeming erroneous order) is applicable only when there is no enquiry made by the Assessing Officer.

  6. Revision u/s 263 - assessment order passed u/s 153A r.w.s 143(3) - no any incriminating material unearthed by search team therefore Assessing Officer’s order is not erroneous.

  7. Revision u/sec. 263 - CIT has exceeded his jurisdiction in directing the Assessing Officer to initiate penalty proceedings u/s 271(1)(c) - AT

  8. Revision u/s 263 - entire materials on record were not considered by the Assessing Officer - It would have definitely be an erroneous procedure adopted by the AO - HC

  9. Revision u/s 263 – IT was not justified in setting aside the order and directing for investigating the facts afresh without pointing out any specific fact which required...

  10. Revision u/s 263 - any loss of revenue as a consequence of an order passed by the Assessing Officer cannot be treated as prejudicial to the interests of revenue - AT

 

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