section 263

Section 263 revision against void-ab-initio order or against a non-existent entity

Income Tax - Revision under section 263 by the Principal Commissioner or Commissioner against void-ab-initio order or against a non-existent entity If an order is passed by the Assessing Officer against a non-existent entity, e.g. against an Amalgamating Company or against a Dissolved Firm, such an order is void-ab-initio and no revision can be made...

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Revision by Commissioner – Section 263 -Income Tax Act 1961

Income Tax - Section 263 of the Income-tax Act, 1961 (‘the Act’) provides revisional power to Principal Commissioner (‘Pr. CIT’) or Commissioner (‘CIT’) if he is of the opinion that an order passed by the AO is erroneous and prejudicial to the interests of the revenue....

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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....

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Issue of Notice/Assessment Order in the Name of ‘Deceased Person’ or ‘Amalgamated/Merged Company’

Income Tax - It is noticed that the department has lost the revenue in number of cases mainly on account of fatal mistake made by the AO in issuance of notice to dead person/ non-existent entity or in framing the assessment order in the name of dead person/non-existent entity....

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Order dropping penalty proceedings u/s 271(1)(c) – Revision u/s 263 – A Case Study

Income Tax - Through this article an attempt has been made to explain the circumstances where the revisionary powers of the commissioners u/s 263 can be invoked when the order dropping penalty proceedings u/s 271(1)(c) of the I.T. Act, 1961 was passed by the Assessing Officer. In the case of M/s. DEF, an India Company, an order was […]...

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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...

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Invocation of Section 263 to initiate Penalty proceeding not sustainable when addition itself deleted by ITAT

Agencies Rajasthan Pvt. Ltd. Vs PCIT (ITAT Jaipur) - Agencies Rajasthan Pvt. Ltd. Vs PCIT (ITAT Jaipur) Invocation of Section 263 of Income Tax Act, 1961 to initiate Penalty proceeding not sustainable when addition itself deleted by ITAT Brief facts of the case are that assessment u/s 143(3) of the Act was completed on 30-12-2017 by the AO and thus th...

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No Section 263 proceeding if AO taken one of the possible view

Vodafone India Ltd. Vs PCIT (ITAT Mumbai) - Vodafone India Ltd. Vs PCIT (ITAT Mumbai) It was argued by the ld. AR that the learned Principal Commissioner of Income-tax [‘PCIT’] erred in assuming jurisdiction and initiating proceeding under section 263 of the Income-tax Act, 1961 (‘Act’) since the order passed by the Assessing Officer ...

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Important Insights from the case of Abdul Hamid Vs ITO

Shri Abdul Hamid Vs ITO (ITAT Gauhati) - Shri Abdul Hamid Vs ITO (ITAT Gauhati) Important facts of the case: 1) The assessee was engaged in the retail business of eggs & was also the partner of a partnership firm M/s Nihar Enterprises. 2) During the Regular Assessment Proceedings for Assessment year, 2014-15 AO found that a Bank Accoun...

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Second section 263 revision on same subject quashed by ITAT

Amritrashi Infra Pvt Ltd Vs PCIT (ITAT Kolkata) - Second revision u/s 263 quashed by ITAT holding not permissible on the same subject matter on which specific direction given by First PCIT have been complied by AO. Doctrine of merger applied....

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ITAT explains legal effect of Omission of clause (i) of Section 92BA

M/s. Bhartia-SMSIL (JV) Vs ITO (ITAT Guwahati) - Since clause (i) section 92A was omitted with effect from 1st April, 2017 and the effect of such omission is that the said clause(i) was never existed in the statute. Hence, Ld. PCIT can not exercise the jurisdiction u/s 263 of the Act....

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Recent Posts in "section 263"

Invocation of Section 263 to initiate Penalty proceeding not sustainable when addition itself deleted by ITAT

Agencies Rajasthan Pvt. Ltd. Vs PCIT (ITAT Jaipur)

Agencies Rajasthan Pvt. Ltd. Vs PCIT (ITAT Jaipur) Invocation of Section 263 of Income Tax Act, 1961 to initiate Penalty proceeding not sustainable when addition itself deleted by ITAT Brief facts of the case are that assessment u/s 143(3) of the Act was completed on 30-12-2017 by the AO and thus the AO made the […]...

Read More

No Section 263 proceeding if AO taken one of the possible view

Vodafone India Ltd. Vs PCIT (ITAT Mumbai)

Vodafone India Ltd. Vs PCIT (ITAT Mumbai) It was argued by the ld. AR that the learned Principal Commissioner of Income-tax [‘PCIT’] erred in assuming jurisdiction and initiating proceeding under section 263 of the Income-tax Act, 1961 (‘Act’) since the order passed by the Assessing Officer (‘AO’) was neither ‘erroneous’ n...

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Section 263 revision against void-ab-initio order or against a non-existent entity

Revision under section 263 by the Principal Commissioner or Commissioner against void-ab-initio order or against a non-existent entity If an order is passed by the Assessing Officer against a non-existent entity, e.g. against an Amalgamating Company or against a Dissolved Firm, such an order is void-ab-initio and no revision can be made...

Read More
Posted Under: Income Tax |

Revision by Commissioner – Section 263 -Income Tax Act 1961

Section 263 of the Income-tax Act, 1961 (‘the Act’) provides revisional power to Principal Commissioner (‘Pr. CIT’) or Commissioner (‘CIT’) if he is of the opinion that an order passed by the AO is erroneous and prejudicial to the interests of the revenue....

Read More
Posted Under: Income Tax |

Important Insights from the case of Abdul Hamid Vs ITO

Shri Abdul Hamid Vs ITO (ITAT Gauhati)

Shri Abdul Hamid Vs ITO (ITAT Gauhati) Important facts of the case: 1) The assessee was engaged in the retail business of eggs & was also the partner of a partnership firm M/s Nihar Enterprises. 2) During the Regular Assessment Proceedings for Assessment year, 2014-15 AO found that a Bank Account @ Central Bank of […]...

Read More

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

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
Posted Under: Income Tax |

Second section 263 revision on same subject quashed by ITAT

Amritrashi Infra Pvt Ltd Vs PCIT (ITAT Kolkata)

Second revision u/s 263 quashed by ITAT holding not permissible on the same subject matter on which specific direction given by First PCIT have been complied by AO. Doctrine of merger applied....

Read More

Issue of Notice/Assessment Order in the Name of ‘Deceased Person’ or ‘Amalgamated/Merged Company’

It is noticed that the department has lost the revenue in number of cases mainly on account of fatal mistake made by the AO in issuance of notice to dead person/ non-existent entity or in framing the assessment order in the name of dead person/non-existent entity....

Read More
Posted Under: Income Tax |

ITAT explains legal effect of Omission of clause (i) of Section 92BA

M/s. Bhartia-SMSIL (JV) Vs ITO (ITAT Guwahati)

Since clause (i) section 92A was omitted with effect from 1st April, 2017 and the effect of such omission is that the said clause(i) was never existed in the statute. Hence, Ld. PCIT can not exercise the jurisdiction u/s 263 of the Act....

Read More

Sale of tea manufactured from leaves purchased from third parties is agricultural activity & eligible for deduction of 60%

DCIT Vs Luxmi Tea Company Ltd (ITAT Kolkata)

The issue under consideration is whether income from sale of tea manufactured and sold from tea leaves purchased from third parties was from non-agricultural activity and therefore, was not eligible for deduction of 60%?...

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