section 263

Income Tax Act, 1961: Sections 207-219 – Advance Tax Provisions & Analysis

Income Tax - Explore Sections 207 to 219 of the Income Tax Act, 1961, covering Advance Tax provisions, due dates, and in-depth analysis. Understand computation, liability, and payment with detailed insights....

Understanding Section 263 of Income Tax Act, 1961: A Comprehensive Guide

Income Tax - Explore the intricacies of Section 263 of the Income Tax Act, 1961. Learn how it rectifies erroneous orders and safeguards revenue interests. Recent case laws discussed....

SC order on jurisdiction of Commissioner under section 263 proceedings

Income Tax - Whether payment to shareholders out of sale proceeds of a property belonging to the company, to end dispute amongst the shareholder can be cost of improvement for computation of capital gains?...

Need of Revisional Authorities under Tax laws

Income Tax - There is an utmost importance of Revisional authorities under Tax laws (both under Income Tax Law and GST Law) to safeguard and protect the interest of revenue as they act as a reviewer of the orders passed by the lower authorities which fall under their respective jurisdictions. Under Income Tax Act, 1961 there exists a […]...

Clarification on section 263 Power to revise section 92CA order of TPO

Income Tax - Amendment in the provisions of section 263 of the Act Section 263 of the Act contains the provision for revision of order which is erroneous in so far as it is prejudicial to the interests of revenue. An order under section 263 of the Act can be passed within two years from the end of […]...

Indiscriminate notices by Income Tax Department without allowing reasonable time

Income Tax - National Chamber of Industries & Commerce, U.P has made a representation against Indiscriminate notices by the Income Tax Department without allowing reasonable time. They submitted that in the last few days large number of taxpayers in whose cases the Assessment/Re-assessment, proceedings were pending at the Income Tax Department hav...

Representation – Challenges in Certain Income Tax Provisions

Income Tax - KSCAA has made a Representation on Challenges in Income Tax Related to Rectification Proceedings, Order Giving Effect, Delay in Processing Of Refund, Delay In Processing Lower Deduction Certificates and Delay in Tax Residency Certificates (TRC) with possible solutions to Principal Chief Commissioner of Income Tax, Karnataka & Goa. Da...

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...

Income Tax Assessing Authority Can Issue Multiple Notices: Kerala HC

Synthite Industries Private Limited Vs ACIT (Kerala High Court) - Kerala High Court rules that there's no bar for Assessing Authority to issue more than one notice under the Income Tax Act. Detailed judgment analysis here....

CIT’s Section 263 Jurisdiction on AO’s Failure to Initiate Penalty justified

Anjis Developers Private Limited Vs PCIT (ITAT Mumbai) - ITAT held that non-initiation of penalty proceedings under section 270A by the AO, in light of the addition made under the head ‘income from house property’, rendered the assessment order erroneous and prejudicial to the Revenue's interest....

PCIT’s exercise of Section 263 jurisdiction while issue is pending before CIT(A) is invalid

Kathiravan Ananthalakshmi Vs ACIT (ITAT Chennai) - Once an appeal is lodged with CIT(A), the PCIT's authority to revise assessment under Section 263 is circumscribed - Kathiravan Ananthalakshmi Vs ACIT (ITAT Chennai)...

Delhi ITAT on Section 54F Deduction & Section 263 Revisional Powers

Anju Ahuja Vs PCIT (ITAT Delhi) - Delhi ITAT addresses Pr.CIT's revisional order on Section 54F deduction misuse for AY 2017-18 in Anju Ahuja vs PCIT, clarifying legal interpretations....

No Further Inquiry in ‘Limited Scrutiny’ Cases Beyond Scope Under Section 263: ITAT Surat

Hasumatiben Jagdishbhai Patel Vs PCIT (ITAT Surat) - ITAT Surat rules in Hasumatiben Jagdishbhai Patel vs. PCIT case, limiting further inquiry under Section 263 to issues directly connected with limited scrutiny. Detailed analysis provided....

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Recent Posts in "section 263"

Income Tax Assessing Authority Can Issue Multiple Notices: Kerala HC

Synthite Industries Private Limited Vs ACIT (Kerala High Court)

Kerala High Court rules that there's no bar for Assessing Authority to issue more than one notice under the Income Tax Act. Detailed judgment analysis here....

CIT’s Section 263 Jurisdiction on AO’s Failure to Initiate Penalty justified

Anjis Developers Private Limited Vs PCIT (ITAT Mumbai)

ITAT held that non-initiation of penalty proceedings under section 270A by the AO, in light of the addition made under the head ‘income from house property’, rendered the assessment order erroneous and prejudicial to the Revenue's interest....

PCIT’s exercise of Section 263 jurisdiction while issue is pending before CIT(A) is invalid

Kathiravan Ananthalakshmi Vs ACIT (ITAT Chennai)

Once an appeal is lodged with CIT(A), the PCIT's authority to revise assessment under Section 263 is circumscribed - Kathiravan Ananthalakshmi Vs ACIT (ITAT Chennai)...

Delhi ITAT on Section 54F Deduction & Section 263 Revisional Powers

Anju Ahuja Vs PCIT (ITAT Delhi)

Delhi ITAT addresses Pr.CIT's revisional order on Section 54F deduction misuse for AY 2017-18 in Anju Ahuja vs PCIT, clarifying legal interpretations....

No Further Inquiry in ‘Limited Scrutiny’ Cases Beyond Scope Under Section 263: ITAT Surat

Hasumatiben Jagdishbhai Patel Vs PCIT (ITAT Surat)

ITAT Surat rules in Hasumatiben Jagdishbhai Patel vs. PCIT case, limiting further inquiry under Section 263 to issues directly connected with limited scrutiny. Detailed analysis provided....

ITAT Upholds Revision: No AO Inquiry on Political Donation Receipts for 80GGC Deduction

Rakesh Balubhai Padariya Vs PCIT (ITAT Ahmedabad)

ITAT Ahmedabad dismisses appeal against revision order denying 80GGC deduction for donation to a political party, emphasizing the need for genuine receipts....

ITAT Ahmedabad Upholds Revenue Recognition Method on Consistency Principal

Ralsons Infrastructure Pvt. Ltd. Vs PCIT (ITAT Ahmedabad)

ITAT Ahmedabad rules in favor of Ralsons Infrastructure, emphasizing consistency in revenue recognition method as key to valid tax assessment for AY 2016-17....

Section 263 Jurisdiction cannot be exercised When Larger Issue Pending Before CIT(A)

Golden Vats Private Limited Vs ACIT (ITAT Chennai)

Chennai ITAT finds revisionary authority's exercise of jurisdiction under section 263 invalid when a larger issue is pending before CIT(A), upholding legal precedents....

Section 263 Jurisdiction cannot be exercised for additional inquiries

Sourabh Sharma Vs PCIT (ITAT Jaipur)

ITAT Jaipur quashes PCIT's revision under Section 263, upholding the AO's decisions on sales promotion expenses after detailed inquiries....

Article 13(4) of India-Mauritius DTAA exempts sale of shares acquired prior to 1st April 2017

Comstar Mauritius Limited Vs CIT (IT) (ITAT Mumbai)

ITAT Mumbai held that benefit of Article 13(4) of India Mauritius tax Treaty duly available to Mauritius registered assessee, having Tax Residency Certificate, for sale of shares which were acquired prior to 1st April 2017....

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