section 263

Section 263- Power of CIT to revise an assessment order being erroneous & prejudicial to interest of Revenue

Income Tax - Understanding the scope of section 263 – Power of Commissioner to revise an assessment order being erroneous and prejudicial to the interest of the Revenue The power of appeal and revision is contained in Chapter XX of the Income Tax Act, 1961 (“the Act”) which includes section 263 that confers suo motu power of revision […]...

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Understanding of revisionary powers of PCIT- Section 263

Income Tax - Understanding of revisionary powers of the Principal Commissioner or Commissioner to revise any assessment under section 263 which is ‘erroneous and prejudicial to the interests of the revenue’. Section 263 of the Income-tax Act, 1961 (herein after referred to as “the Act”) confers wide powers on the Principal Commissioner...

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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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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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PCIT cannot revise Invalid Reassessment Proceedings

M/s. Charbhuja Marmo (India) Pvt. Ltd. Vs PCIT (ITAT Delhi) - M/s. Charbhuja Marmo (India) Pvt. Ltd. Vs PCIT (ITAT Delhi) Invalid Reassessment Proceedings can not be Revised Under Section 263 by PCIT It is well settled Law that since re-assessment proceedings are invalid and bad in law, therefore, such proceedings could not be revised under section 263 of the ...

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Alleged freebees to Doctors: CIT cannot assume jurisdiction on mere presumptions

M/s SRL Diagnostics Pvt. Ltd. Vs PCIT (ITAT Mumbai) - M/s SRL Diagnostics Pvt. Ltd. Vs PCIT (ITAT Mumbai) Mere finding the assessment order is erroneous does not give power to Ld. PCIT to annul the assessment order. It is duty imposed by the provision of section 263 that Ld. PCIT has to determine and satisfy both the conditions that the order passed by...

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No revision u/s 263 merely on the basis of suspicions.

Smt. Bhavna B. Kothari Vs ITO (ITAT Bangalore) - Merely because the issue was not elaborately discussed in the quantum assessment could not be a ground to invoke revisional jurisdiction u/s 263 particularly when the details called for by AO were submitted and placed on record....

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No revision on mere suspicion of likely escapement of income

Nitson & Amitsu Pvt. Ltd Vs ACIT (ITAT Kolkata) - Mere suspicion of likely escapement of income was not a ground for revision by invoking powers u/s 263 of the Act. Such an order was bad in law....

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No revision in case investments of assessee trust complying with section 11(5) & section 13(1)(d)

Sir Ratan Tata Trust Vs DCIT (ITAT Mumbai) - Sir Ratan Tata Trust Vs DCIT (ITAT Mumbai) Conclusion:  Commissioner was clearly in error in invoking powers under section 263 on the ground that the Assessing Officer failed to examine the investments of the trust complying with the provisions of Section 11(5) and Section 13(1)(d) as how the trust...

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section 263’s Popular Posts

Recent Posts in "section 263"

PCIT cannot revise Invalid Reassessment Proceedings

M/s. Charbhuja Marmo (India) Pvt. Ltd. Vs PCIT (ITAT Delhi)

M/s. Charbhuja Marmo (India) Pvt. Ltd. Vs PCIT (ITAT Delhi) Invalid Reassessment Proceedings can not be Revised Under Section 263 by PCIT It is well settled Law that since re-assessment proceedings are invalid and bad in law, therefore, such proceedings could not be revised under section 263 of the I.T. Act. It is also well […]...

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Section 263- Power of CIT to revise an assessment order being erroneous & prejudicial to interest of Revenue

Understanding the scope of section 263 – Power of Commissioner to revise an assessment order being erroneous and prejudicial to the interest of the Revenue The power of appeal and revision is contained in Chapter XX of the Income Tax Act, 1961 (“the Act”) which includes section 263 that confers suo motu power of revision […]...

Read More
Posted Under: Income Tax |

Understanding of revisionary powers of PCIT- Section 263

Understanding of revisionary powers of the Principal Commissioner or Commissioner to revise any assessment under section 263 which is ‘erroneous and prejudicial to the interests of the revenue’. Section 263 of the Income-tax Act, 1961 (herein after referred to as “the Act”) confers wide powers on the Principal Commissioner...

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Posted Under: Income Tax |

Alleged freebees to Doctors: CIT cannot assume jurisdiction on mere presumptions

M/s SRL Diagnostics Pvt. Ltd. Vs PCIT (ITAT Mumbai)

M/s SRL Diagnostics Pvt. Ltd. Vs PCIT (ITAT Mumbai) Mere finding the assessment order is erroneous does not give power to Ld. PCIT to annul the assessment order. It is duty imposed by the provision of section 263 that Ld. PCIT has to determine and satisfy both the conditions that the order passed by AO […]...

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No revision u/s 263 merely on the basis of suspicions.

Smt. Bhavna B. Kothari Vs ITO (ITAT Bangalore)

Merely because the issue was not elaborately discussed in the quantum assessment could not be a ground to invoke revisional jurisdiction u/s 263 particularly when the details called for by AO were submitted and placed on record....

Read More

No revision on mere suspicion of likely escapement of income

Nitson & Amitsu Pvt. Ltd Vs ACIT (ITAT Kolkata)

Mere suspicion of likely escapement of income was not a ground for revision by invoking powers u/s 263 of the Act. Such an order was bad in law....

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No revision in case investments of assessee trust complying with section 11(5) & section 13(1)(d)

Sir Ratan Tata Trust Vs DCIT (ITAT Mumbai)

Sir Ratan Tata Trust Vs DCIT (ITAT Mumbai) Conclusion:  Commissioner was clearly in error in invoking powers under section 263 on the ground that the Assessing Officer failed to examine the investments of the trust complying with the provisions of Section 11(5) and Section 13(1)(d) as how the trust was treating the investment, i.e., in [...

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PCIT cannot invoke revisional jurisdiction on issue, which AO could not examine in reassessment proceedings

Nilesh Ajit Kumar Jain Vs ITO (ITAT Mumbai)

Nilesh Ajit Kumar Jain Vs ITO (ITAT Mumbai) A perusal of the assessment order shows that the assessment was reopened to examine misuse of Client Code Modification for tax evasion. No addition was made by the Assessing Officer in respect of the issue for which the assessment was reopened. It is a well settled law […]...

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CIT cannot ask AO to look beyond purview of limited scrutiny

Storewell Construction & Engineers Vs PCIT (ITAT Pune)

The Ld. Pr. Commissioner of Income Tax wants the Assessing officer to look into various other issues of the assessee which were not covered within the purview of the...

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Section 263 order invalid if it covers Matter not part of Limited Scrutiny

Deccan Paper Mills Co. Ltd. Vs CIT (ITAT Pune)

Deccan Paper Mills Co. Ltd. Vs CIT-IV (ITAT Pune) Now, coming to the aspect of book profits which was considered by the Commissioner and the order of the Assessing Officer was held to be erroneous and prejudicial to the interest of revenue. In this regard, it may be pointed out that the case of assessee […]...

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