Revision u/s 263 - Issue of shares at premium - It is abundantly ...

High Court Rules PCIT Misused Section 263 Powers in Revising Share Premium Case; AO's Inquiry Was Adequate.

January 5, 2024

Case Laws Income Tax HC

Revision u/s 263 - Issue of shares at premium - It is abundantly clear that an enquiry was, indeed, made by the AO with regard to the subject shares being issued at high premium. This was not a case of no enquiry. The PCIT, in our opinion, had committed an error in exercising the powers under Section 263 of the Act. - HC

View Source

← Previous Next →

Revision u/s 263 - Issue of shares at premium - It is abundantly ...

High Court Rules PCIT Misused Section 263 Powers in Revising Share Premium Case; AO's Inquiry Was Adequate.

January 5, 2024

Case Laws Income Tax HC

You may also like:

The Assessing Officer (AO) failed to conduct relevant inquiries regarding the shares held as penny stocks by the assessee in GCM Securities Ltd. The Principal...

The Appellate Tribunal considered a case involving a revision u/s 263 regarding the validity of a Limited scrutiny Assessment. The PCIT observed that the AO did not...

Revision u/s 263 - Bogus LTCG/Share transaction - as per CIT AO failed to make necessary enquiries to ascertain the actual strength of the company, investment profile of...

Revision u/s 263 - lack of inquiry by AO - it is a case where the AO did not make any inquiry vis-à-vis the share premium and simply accepted the details filed by the...

PCIT invoked section 263 against order of AO accepting valuation report of merchant banker determining share value at premium. ITAT held that AO failed to make proper...

Revision u/s 263 by CIT - Jurisdiction exercised by ld PCIT under section 263 of the Act is not in accordance with law. PCIT has selected the item (share capital and...

Revision u/s 263 by CIT - as per CIT AO had failed to verify applicability of the provisions of Section 56(2)(viia) - As far as the invocation of Explanation 2 to...

The assessee dealt with a penny stock, and the Assessing Officer (AO) failed to conduct proper inquiry during reassessment proceedings. The Principal Commissioner of...

The High Court held that the Principal Commissioner of Income Tax (PCIT) lacked jurisdiction to pass an order u/s 263 of the Income Tax Act in this case. The Assessing...

Revision u/s 263 - the ld. PCIT had alleged that the ld. AO had not made any enquiry at all on the issue of long term borrowings and other current liabilities. It is not...

Assessee surrendered income during survey u/s 133A as unaccounted professional receipts, which AO accepted as professional income taxable at normal rates. PCIT invoked...

Distinction between "lack of inquiry and inadequate inquiry" emphasized. Assessee underwent rigorous assessment proceedings with multiple notices and replies. AO...

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....

Revision u/s 263 by CIT - if the learned PCIT was of the view that the AO failed to make the necessary enquiries which should have been made during the assessment...

Revision u/s 263 - As seen from the assessment order that the AO had made enquiries in respect of the cost of construction and it cannot be said that no query was raised...

Quick Updates: