section 263

Does Revisionary power u/s 263 of Income Tax Act 1961 really confer power to re-review?

Income Tax - Section 263 confers wide powers on Principle Commissioner of Income Tax/Commissioner of Income Tax (Pr.CIT/CIT) to revise any assessment which is erroneous and prejudicial to interests of revenue....

Read More

Section 263 Revision of orders prejudicial to revenue – Amendment wef 01.06.2015

Income Tax - Commissioner of Income Tax (CIT) has the power u/s 263 & 264 of the Income Tax Act, 1961, to consider an order passed by Assessing officer (AO). U/S 264, CIT can consider the order passed by AO, only when an appeal is made by assessee to him within stipulated time frame. However, u/s 263 CIT possesses the power to consider the order passe...

Read More

Sec. 263 Order which are erroneous and prejudicial to interests of revenue

Income Tax - It is proposed to provide that an order passed by the Assessing Officer shall be deemed to be erroneous in so far as it is prejudicial to the interests of the revenue, if, in the opinion of the Principal Commissioner or Commissioner,— 1. the order is passed without making inquiries or verification which, should have been made; 2. ...

Read More

No Reopening of Assessment to be made on Audit Objections: Committee Recommends

Income Tax - One of the key sources of dispute is the existing arrangement for follow up on audit objections by Internal Audit Party and the Revenue Audit Party. In terms of the existing arrangement, the Assessing Officer is required to take corrective steps following audit objections. The corrective measures take the form of rectification or reassess...

Read More

CIT can consider all aspects which were subject matter of AO’s order, if in his opinion, they are erroneous

Bses Rajdhani Power Ltd. Vs. Principal Commissioner Of Income Tax (Delhi High Court) - Lack of opportunity at the revisional stage under Section 263 does not vitiate the entire order, or the proceedings; rather it is a curable defect. Court is of the opinion that the ruling in Commissioner of Income tax v Amitabh Bacchan 2016 SCC Online SC 484 is decisive; it upholds the power of the ...

Read More

ITO cannot initiate proceedings under Section 263

CIT Vs Shri Jheendu Ram (Allahabad High Court) - An order cannot be revised by the equally situated or equally ranked authority or by any authority who is not authorised under the law. In the instant case the authorised authority is none else but the Commissioner of Income Tax or Principal Commissioner of Income Tax....

Read More

ITAT Slams CIT(A) for violation of Judicial Discipline by taking contradictory view on issue already confirmed on merit by it

Asst. Commissioner of Income Tax Vs. M/s. Sutures India Pvt. Ltd. (ITAT Bangalore) - ACIT Vs. M/s. Sutures India Pvt. Ltd. (ITAT Bangalore)- ITAT Slams CIT(A) for violation of Judicial Discipline by taking contradictory view on issue already confirmed on merit by it and CIT (Appeals) have no jurisdiction to take any decision on issue which is already been decided by CIT under Sectio...

Read More

No Respite to Himachal CM Virbhadra Singh from HC in Income Tax Case

Shri Virbhadra Singh (HUF) through its Karta Shri Virbhadra Singh Vs. Principal Commissioner of Income Tax (Himachal Pradesh High Court) - Section 263 confers sufficient powers upon the Commissioner to decide all issues of law, after recording its satisfaction that the order passed by the Assessing Officer is erroneous and prejudicial to the interest of the Revenue. ...

Read More

Revision U/s. 263 justified for Erroneous & prejudicial Assessment without proper inquiry

CIT Vs. Bhawal Synthetics (India) (Rajasthan High Court) - Where AO allowed set off of interest earned on fixed deposits against interest payable on borrowings then such allowance was erroneous and prejudicial to revenue, therefore, CIT rightly invoked revisionary jurisdiction....

Read More
Sorry No Post Found

Recent Posts in "section 263"

CIT can consider all aspects which were subject matter of AO’s order, if in his opinion, they are erroneous

Bses Rajdhani Power Ltd. Vs. Principal Commissioner Of Income Tax (Delhi High Court)

Lack of opportunity at the revisional stage under Section 263 does not vitiate the entire order, or the proceedings; rather it is a curable defect. Court is of the opinion that the ruling in Commissioner of Income tax v Amitabh Bacchan 2016 SCC Online SC 484 is decisive; it upholds the power of the Commissioner to consider all aspects whi...

Read More

ITO cannot initiate proceedings under Section 263

CIT Vs Shri Jheendu Ram (Allahabad High Court)

An order cannot be revised by the equally situated or equally ranked authority or by any authority who is not authorised under the law. In the instant case the authorised authority is none else but the Commissioner of Income Tax or Principal Commissioner of Income Tax....

Read More

ITAT Slams CIT(A) for violation of Judicial Discipline by taking contradictory view on issue already confirmed on merit by it

Asst. Commissioner of Income Tax Vs. M/s. Sutures India Pvt. Ltd. (ITAT Bangalore)

ACIT Vs. M/s. Sutures India Pvt. Ltd. (ITAT Bangalore)- ITAT Slams CIT(A) for violation of Judicial Discipline by taking contradictory view on issue already confirmed on merit by it and CIT (Appeals) have no jurisdiction to take any decision on issue which is already been decided by CIT under Section 263....

Read More

No Respite to Himachal CM Virbhadra Singh from HC in Income Tax Case

Shri Virbhadra Singh (HUF) through its Karta Shri Virbhadra Singh Vs. Principal Commissioner of Income Tax (Himachal Pradesh High Court)

Section 263 confers sufficient powers upon the Commissioner to decide all issues of law, after recording its satisfaction that the order passed by the Assessing Officer is erroneous and prejudicial to the interest of the Revenue. ...

Read More

Revision U/s. 263 justified for Erroneous & prejudicial Assessment without proper inquiry

CIT Vs. Bhawal Synthetics (India) (Rajasthan High Court)

Where AO allowed set off of interest earned on fixed deposits against interest payable on borrowings then such allowance was erroneous and prejudicial to revenue, therefore, CIT rightly invoked revisionary jurisdiction....

Read More

Before Passing an Order U/s. 263 Principal CIT or CIT has to do their Own Enquiry

PCIT vs. Delhi Airport Metro Express Pvt. Ltd (Delhi High Court)

Before Passing An Order Under Section 263 Principal Commissioner Or Commissioner Of Income Tax Has To Make His/Her Own Enquiry...

Read More

Section 263 Revision Order passed without issuing notice is void ab-initio

Sri Anthi Reddy Yamireddy Vs DCIT (ITAT Hyderabad)

Opportunity of being heard is little more than serving a notice on assessee. It is not an empty formality. Without giving a proper opportunity to assessee, revision proceedings u/s. 263 cannot be finalized as the provisions of Section 263 mandates that the CIT may pass such orders after giving an opportunity of being heard. Since [&hellip...

Read More

Every loss of revenue due to AO order cannot be treated as prejudicial to revenue interest

M/s. Ernst & Young Pvt. Ltd. Vs C.I.T., Kol-3, (ITAT Kolkata)

In a major relief to the Ernst & Young Pvt Ltd (EY), the Kolkata bench of the ITAT confirmed the original assessment order passed by the Assessing Officer allowing deduction under sections 10A and 10AA of the Income Tax Act to the Company without set off of loss of taxable unit....

Read More

S. 263 Inadequate enquiry cannot be termed as lack of enquiry

Small Wonder Industries Vs CIT-24 (ITAT Mumbai)

Uncontrovertedly, necessary details/reply to the questionnaire were filed/produced by the assessee and the same were examined by the Assessing Officer, therefore, it is not a case of lack of enquiry by the Assessing Officer...

Read More

Powers u/s. 263 cannot be invoked to substitute lawful view taken by AO with another view

M/s. The Erumely Service Co-operative Bank Ltd. Vs. Principal CIT (ITAT Cochin)

Principal Commissioner of Income Tax was trying to substitute a legally permissible view taken by the Id. AO with another view which was not a rational one. Hon'ble Apex Court in the case of Malabar Industrial Co. Ltd (supra) has clearly held that revisionary powers u/s.263 of the Act cannot be invoked for substituting a lawful view taken...

Read More
Page 1 of 1012345...10...Last »

Browse All Categories

CA, CS, CMA (3,523)
Company Law (3,466)
Custom Duty (6,671)
DGFT (3,499)
Excise Duty (4,051)
Fema / RBI (3,292)
Finance (3,496)
Income Tax (25,326)
SEBI (2,758)
Service Tax (3,288)

Search Posts by Date

November 2017
M T W T F S S
« Oct    
 12345
6789101112
13141516171819
20212223242526
27282930