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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 MoreIncome 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 MoreIncome 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 MoreIncome 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 MorePCIT 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 MoreSri 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 op...
Read MoreM/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 MoreSmall 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 MoreM/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 invo...
Read MorePCIT vs. Delhi Airport Metro Express Pvt. Ltd (Delhi High Court) -
Sri Anthi Reddy Yamireddy Vs DCIT (ITAT Hyderabad) -
M/s. Ernst & Young Pvt. Ltd. Vs C.I.T., Kol-3, (ITAT Kolkata) -
Small Wonder Industries Vs CIT-24 (ITAT Mumbai) -
M/s. The Erumely Service Co-operative Bank Ltd. Vs. Principal CIT (ITAT Cochin) -
M/s. Rachana Finance & Investments Pvt. Ltd. Vs CIT (ITAT Mumbai) -
Neo Sports Broadcast Pvt.Ltd Vs CIT (TDS) (ITAT Mumbai) -
Shri Narayan Tatu Rane Vs ITO (ITAT Mumbai) -
Commissioner Of Income Tax Vs Amitabh Bachchan (Supreme Court of India) -
