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Income Tax - Highlights / Catch Notes

Home Highlights May 2023 Year 2023 This

Revision u/s 263 - As been emphasized by the CBDT that the ...

Income Tax

May 20, 2023

Revision u/s 263 - As been emphasized by the CBDT that the pending assessment and litigations should be handled taking into consideration the clarification so issued and in the instant case, a fresh litigation has been started by the Department by initiation of action u/s 263 which is clearly in the teeth of the CBDT Circular and cannot be sustained in the eyes of law. - AT

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  1. Validity of revision u/s 263 against order u/s 143(3) r/w section 153A - The assessment order was passed with prior approval under Section 153D - The High court examined...

  2. Revision u.s 263 - assessment order passed pursuant to the revisionary order has resulted in reduction of tax liability - not prejudicial to the interest of the Revenue...

  3. Revision u/s 263 - Deduction u/s 80IC - Since, AO had not expressed any view in that behalf as is discernible from the assessment order, revision order sustained.

  4. Revision u/s 263 - AO while completing the assessment u/s 143(3) never applied his mind to various issues as pointed out by the CIT - revision upheld - AT

  5. Doctrine of merger - Validity of Revision u/s 263 when existing pending appeal against order passed u/s 153C r.w.s. 144 - when larger issue was pending before CIT(A),...

  6. Revision u/s 263 - Penny stock purchases - penny stock SOP guidelines have been issued by CBDT only in respect of listed scrips. - The scrip in question is not listed in...

  7. Revision u/s 263 - CIT was clothed with ample supervisory powers to direct for redoing the assessment provided twin conditions as envisaged by Section 263 were fulfilled.

  8. Revision u/s 263 - order cannot be passed by the CIT u/s 263 of the Act to ask the AO to decide whether the assessment order was erroneous or not - AT

  9. Assessment u/s 153A – Invocation of power of revision u/s 263 - Commissioner did not have jurisdiction to initiate any proceedings u/s 263 - HC

  10. CBDT Revises the monetary limits for filing of appeals by the Department before ITAT, High Courts and SLP before Supreme Court - measures for reducing litigation

 

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