Revision u/s 263 - carry forward of losses on sale of shares - ...

Revisional Power u/s 263: Not Applicable for Inadequate Inquiry on Carry Forward of Share Sale Losses.

June 20, 2023

Case Laws Income Tax AT

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 action to exercise powers of revision can arise, nor can revisional power be exercised for directing a fuller enquiry to find out if the view taken is erroneous. This power of revision can be exercised only where no enquiry, as required under the law, is done. It is not open to enquire in case of inadequate inquiry. - AT

View Source

← Previous Next →

Revision u/s 263 - carry forward of losses on sale of shares - ...

Revisional Power u/s 263: Not Applicable for Inadequate Inquiry on Carry Forward of Share Sale Losses.

June 20, 2023

Case Laws Income Tax AT

You may also like:

Assessee arrived at business income after setting off losses. Assessee's entitlement to carry forward losses was revised due to application of Section 79. Case was...

The Appellate Tribunal examined the issue of invoking revisional jurisdiction u/s 263 in a case involving receipts of accommodation entries and reopening of assessment....

Relief to start-ups in carrying forward and setting off of losses - Relaxation in 51% holding of shares for the purpose of carry forward of losses of eligible star-up...

Revision u/s 263 - sale of preferential shares - PCIT noted a discrepancy between the value of shares sold as per the audited balance sheet and the value declared in the...

Revision u/s 263 by CIT - sale of impugned land measuring 10.162 acres below the stamp duty value - under the given circumstances, it can be safely concluded that the...

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

The High Court held that the Revisional Authority did not follow the proper procedure prescribed u/s 263 of the Income Tax Act while invoking its revisionary powers. The...

Revision u/s 263 by CIT - reopening on the basis of letter written by JCIT - In the case in hand the Ld. Revisional Authority has done no homework on its end but merely...

Carry forward of losses u/s 73 - Speculative loss - Derivative transaction - Tribunal erred in law in holding that the assessee was entitled to carry forward its losses - HC

Setting off the long term capital loss arising on sale of shares not subject to STT against long term capital gain arising from sale of Shares subjected to STT exempt...

Revision u/s 263 - The findings of ld Revisional Authority cannot be sustained as the enquiry in to the relevant issues is duly reflected in the assessment proceedings...

Disallowance of setting off of the carried forward loss - return filed beyond the due date specified under subsection (1) of section 139 - It was argued that the delay...

Disallowance of set off and carry forward of Long Term Capital Loss of sale of quoted equity shares (STT paid) against LTCG arising on sale of property - the income...

Carry forward of long term capital loss incurred on sale of listed securities while claiming exemptions u/s 10(38) on profits - AO directed to assess the long term...

Assessee's contention upheld that for AY 2019-20, profit is required to be set off against business loss of AY 2018-19 and remaining profit against brought forward...

Quick Updates: