Case involved revision u/s 263 by the Commissioner of Income Tax ...

Commissioner Overstepped in Revising Assessment; AO's Decision on Rent and Foreign Contributions Upheld.

September 13, 2024

Case Laws Income Tax AT

Case involved revision u/s 263 by the Commissioner of Income Tax (CIT) setting aside assessment order regarding rent recovered from specified persons and treatment of foreign contribution as income. Held: Case selected for limited scrutiny on two points - income/property lent to specified persons and land/building made available for use. Assessing Officer (AO) made adequate inquiry, accepted return. CIT cannot impose views when plausible view taken by AO. Every revenue loss due to AO's order cannot be treated as prejudicial to revenue interest. On foreign contribution, case not selected for scrutiny on that point. AO had no jurisdiction, cannot extend limited scrutiny scope. When two possible views and AO took one, CIT cannot treat it as erroneous unless AO's view unsustainable. AO's view not erroneous or prejudicial to revenue. Decided in favor of assessee.

View Source

← Previous Next →

Case involved revision u/s 263 by the Commissioner of Income Tax ...

Commissioner Overstepped in Revising Assessment; AO's Decision on Rent and Foreign Contributions Upheld.

September 13, 2024

Case Laws Income Tax AT

You may also like:

Section 264 empowers Commissioner to revise assessment order to provide relief to assessee in cases of over-assessment, even if assessee did not file revised return....

When the AO rejects the revised return then the whole return is invalid. In case AO makes addition from the revised return then it means that he recognizes the revised...

Revision u/s 263 - order framed u/s 153A - The Tribunal (ITAT) held that, the assessment orders approved u/s 153D cannot be revised u/s 263 without first revising the...

Revised edition of the Handbook of Procedures of Foreign Trade Policy, 2015-2020 - Public Notice

Revised and updated Foreign Trade Policy (FTP), 2015-2020 - Notification

The assessee, a university, claimed exemption u/s 10(23C)(iiiab) for the relevant assessment year, which was accepted by the Assessing Officer (AO) after considering the...

The High Court held that the Assessing Officer (AO) had specifically called for and considered information regarding unsecured loans during the original assessment...

Reopening of assessment u/s 147 - it appears that the AO has recorded to the effect that he could not refer the matter to the Transfer Pricing Officer nor could he...

The assessee's claim for deduction u/s 80IC for the finished products manufactured at Unit No. III at Paonta Sahib, Himachal Pradesh, was initially allowed but later...

The Appellate Tribunal (ITAT) considered the validity of reopening an assessment where the assessee's objections were not addressed. The power to reopen assessment lies...

The Assessing Officer (AO) reopened the assessment solely based on the information from a survey conducted by the Sales Tax Department, without independently examining...

Assessee received funds from four parties, which were not considered by the Assessing Officer (AO) during assessment proceedings u/s 147 read with Section 144. The...

The Assessing Officer (AO) erred in considering the agreed rent as per the agreement instead of the actual rent received from M/s. Mobivil Technologies India Pvt. Ltd....

The Income Tax Appellate Tribunal held that the revised return of income filed by the assessee cannot be treated as invalid by the Assessing Officer (AO). Since the AO...

Jurisdiction by AO to suo-moto convert protective assessment into substantive assessment post completion of original assessment proceedings - Once the ld CIT(A) was...

Quick Updates: