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 initiate suo moto proceedings U/s. 263 where AO takes a wrong decision

Cochin International Airport Ltd. Vs ACIT (ITAT Cochin) - Cochin International Airport Ltd appeal: The Commissioner is empowered to initiate suo moto proceedings under section 263 where the AO takes a wrong decision...

Read More

Section 263 cannot be invoked unless CIT himself made relevant enquiries and determines order to be erroneous

M/s. Indus Best Hospitality & Realtors Pvt. Ltd. Vs PRCIT (ITAT Mumbai) - M/s. Indus Best Hospitality & Realtors Pvt. Ltd. Vs PR. CIT (ITAT Mumbai) We have considered rival contentions and carefully gone through the orders of the authorities below and found from record that CIT has invoked his power u/s.263 to examine the land development charges paid by the assessee ...

Read More

CIT cannot exercise Revisionary power u/s 263 merely because he has different opinion on the matter

Poonam Bhotika Vs Income Tax Officer (ITAT Kolkata) - The assessee has filed this appeal disputing the order of Pr. Commissioner of Income Tax-15, Kolkata passed u/s 263 of the Income Tax Act, 1961 (hereinafter referred to as the Act) dated 22.03.2017 by which the Ld. Pr. CIT set aside the assessment order dated 02.03.2015 passed u/s 143(3) of the Act ...

Read More

Computation of interest U/s. 234B when Assessment order was subjected to revision U/s. 263

S. Vijayalakshmi Vs ITO (ITAT Chennai) - Where original assessment order was subjected to revision under section 263, interest under section 234B would be charged till completion of assessment under section 143(3) read with section 263....

Read More

CIT may consider an order of AO erroneous if it is a stereo typed order

Cuttack Development Authority Vs. CIT (ITAT Cuttack) - CIT may consider an order of the AO to be erroneous not only it contains some apparent error of reasoning or of law or of fact on the face of it but also because it is a stereo typed order which simply accepts what the assessee has stated in his return and fails to make enquirers which are called f...

Read More

CIT cannot exercise Revisionary power u/s 263 merely because he has different opinion on the matter

The assessee has filed this appeal disputing the order of Pr. Commissioner of Income Tax-15, Kolkata passed u/s 263 of the Income Tax Act, 1961 (hereinafter referred to as the Act) dated 22.03.2017 by which the Ld. Pr. CIT set aside the assessment order dated 02.03.2015 passed u/s 143(3) of the Act ...

Read More

Recent Posts in "section 263"

CIT can initiate suo moto proceedings U/s. 263 where AO takes a wrong decision

Cochin International Airport Ltd. Vs ACIT (ITAT Cochin)

Cochin International Airport Ltd appeal: The Commissioner is empowered to initiate suo moto proceedings under section 263 where the AO takes a wrong decision...

Read More

Section 263 cannot be invoked unless CIT himself made relevant enquiries and determines order to be erroneous

M/s. Indus Best Hospitality & Realtors Pvt. Ltd. Vs PRCIT (ITAT Mumbai)

M/s. Indus Best Hospitality & Realtors Pvt. Ltd. Vs PR. CIT (ITAT Mumbai) We have considered rival contentions and carefully gone through the orders of the authorities below and found from record that CIT has invoked his power u/s.263 to examine the land development charges paid by the assessee to Smt. Sumitraben Chauhan. From the [&h...

Read More

CIT cannot exercise Revisionary power u/s 263 merely because he has different opinion on the matter

Poonam Bhotika Vs Income Tax Officer (ITAT Kolkata)

The assessee has filed this appeal disputing the order of Pr. Commissioner of Income Tax-15, Kolkata passed u/s 263 of the Income Tax Act, 1961 (hereinafter referred to as the Act) dated 22.03.2017 by which the Ld. Pr. CIT set aside the assessment order dated 02.03.2015 passed u/s 143(3) of the Act for Assessment Year 2012-13 with a direc...

Read More

Computation of interest U/s. 234B when Assessment order was subjected to revision U/s. 263

S. Vijayalakshmi Vs ITO (ITAT Chennai)

Where original assessment order was subjected to revision under section 263, interest under section 234B would be charged till completion of assessment under section 143(3) read with section 263....

Read More

CIT may consider an order of AO erroneous if it is a stereo typed order

Cuttack Development Authority Vs. CIT (ITAT Cuttack)

CIT may consider an order of the AO to be erroneous not only it contains some apparent error of reasoning or of law or of fact on the face of it but also because it is a stereo typed order which simply accepts what the assessee has stated in his return and fails to make enquirers which are called for in the circumstances of the case....

Read More

Exercise of revisional jurisdiction u/s 263 for adjustment of FBT in book profit

Rashtriya Chemicals & Fertilizers Limited Vs. CIT (ITAT Mumbai)

Rashtriya Chemicals & Fertilizers Limited Vs. CIT (ITAT Mumbai) Taxes borne by the assessee on non-monetary perquisites provided to employees forms part of Employee Benefit cost and akin to Fringe Benefit Tax since they are certainly not below the line items since the same are expressively disallowed u/s 40(a)(v) and the same do not c...

Read More

Revision u/s 263 for denying Deduction u/s 80-IA is Invalid if both conditions not satisfied

Pratibha SMS Jv. Vs Pr. CIT (ITAT Delhi)

The exercise of jurisdiction by the Commissioner of Income Tax under the provisions of Section 263 has been a matter of controversy. Especially when it comes to denying the deduction which has been allowed by the Assessing Officer during the course of regular assessment...

Read More

CIT cannot invoke Jurisdiction U/s. 263 if matter already been heard by CIT (A)

Shri Ramakant Sharma Vs. Pr. Commissioner of Income-tax (ITAT Jaipur)

Where the CIT(A) was already ceased of the matter wherein the matter has been contested before him by the AO, the ld. Pr. CIT does not have the jurisdiction to exercise his powers u/s 263 of the Act on the same matter as per the explicit provisions contained in clause (c) to explanation 1 to section 263 of the Act....

Read More

Writ Petition not Maintainable against a Show-Cause Notice: HC

Piyara Lal Vs. Principle Commissioner of Income Tax and another (Punjab and Haryana High Court)

In our considered view, no writ petition is maintainable against a show-cause notice. The petitioner, if so advised, may submit objections against the show-cause notice and if any adverse order is passed, he shall have his remedy against the same in accordance with law....

Read More

CIT can revise assessment order u/s 263 if AO did not make any proper inquiry

Deniel Merchants P. Ltd. Vs. ITO (Supreme Court of India)

Bogus share capital: Law laid down in Subhlakshmi Vanijya Pvt. Ltd vs. CIT 155 ITD 171 (Kol), Rajmandir Estates 386 ITR 162 (Cal) etc that the CIT is entitled to revise the assessment order u/s 263 on the ground that the AO did not make any proper inquiry while accepting the explanation of the assessee insofar as receipt of share applicat...

Read More
Page 1 of 1212345...10...Last »

Browse All Categories

CA, CS, CMA (3,778)
Company Law (3,945)
Custom Duty (6,990)
DGFT (3,705)
Excise Duty (4,144)
Fema / RBI (3,494)
Finance (3,684)
Income Tax (27,615)
SEBI (2,918)
Service Tax (3,371)

Search Posts by Date

August 2018
M T W T F S S
« Jul    
 12345
6789101112
13141516171819
20212223242526
2728293031