The Appellate Tribunal considered a case involving a revision ...

Tribunal Overturns PCIT's Order for Lack of Independent Review on Assessment Discrepancies and Audit Objections.

June 14, 2024

Case Laws Income Tax AT

The Appellate Tribunal considered a case involving a revision u/s 263 due to discrepancies in the assessment order, including undisclosed TDS, differences in purchases in ITR, and incorrect deductions leading to under-assessment. The Tribunal referenced a previous case where it was established that the Principal Commissioner of Income Tax (PCIT) did not independently exercise jurisdiction u/s 263 but acted on the AO's proposal. The Tribunal noted that in this case, the AO also based the proposal on audit report objections. The Tribunal found that the PCIT did not apply an independent mind, as the notice u/s 263 mirrored the AO's proposal and audit report. Consequently, the Tribunal set aside the order u/s 263, ruling in favor of the assessee.

View Source

← Previous Next →

The Appellate Tribunal considered a case involving a revision ...

Tribunal Overturns PCIT's Order for Lack of Independent Review on Assessment Discrepancies and Audit Objections.

June 14, 2024

Case Laws Income Tax AT

You may also like:

Reopening of assessment - It cannot by any stretch of imagination be said that the A.O. has not gone through the tax audit report while framing assessment u/s 143(3)...

Addition u/s 69 r.w.s. 115BBE - Higher rate of tax treating the surrendered income as unexplained investment / income - Amount surrendered during a survey due to stock...

Reopening of assessment u/s 147 - Period of limitation - The audit party is entitled to point out a factual error or omission in the assessment. reopening of the...

Power of Tribunal to review the judgment versus Power to re-call - Larger Bench (5 Members) decision - The judgments of the Hon’ble Supreme Court clearly lays down that...

Condonation of delay in filing of Review Application - In view of the fact that Section 14 of the Limitation Act, 1963 applies to the Court / Tribunal whether the...

The NCLAT set aside the adjudicating authority's mechanical admission of a Section 95 application, finding a lack of independent assessment. The tribunal emphasized that...

Power of tribunal to review application - It is the well laid down proposition of law that ‘in the absence of any power of ‘Review’ or ‘Recall’ vested with the...

Imports Of Marble slabs - Mis-declaration of quantity in the declared goods - Considering the appellant's failure to contest the discrepancy during assessment and their...

Validity of assessment order - alleged discrepancies in returns filed by the petitioner - The case involved a challenge to an assessment order by a petitioner in the...

Review petition - Levy of penalty u/s 271(1)(c) - Tribunal sustaining the levy without providing an opportunity of hearing - Review applicant had paid entire tax amount...

Validity of special audit u/s 142(2A) - The Jharkhand High Court upheld the orders for a special audit of the petitioner’s accounts for the assessment years 2020-21 and...

The Appellate Tribunal considered the disallowance of deduction claimed u/s 80-IA due to the assessee's failure to file Form no.10CCB on time. The Tribunal found that...

Reopening of assessment u/s 147 - Reopening on the basis of the audit objections - the reasons for reopening of the assessment are almost identically worded as that of...

Reopening of assessment u/s 147 - reply to the audit objections - in fact AO applied his mind to the audit party objection and formed a clear opinion that there is no...

Validity of assessment order - Discrepancy Nos. 1, 2, 10, and 11: The discrepancies include issues such as non-GST supplies, alleged mismatch between GSTR-3B and GSTR-1...

Quick Updates: