2 section 263

section 263

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 […]...

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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 […]...

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Can 2 CITs have concurrent jurisdictions, on some issue, may be!!!

Income Tax - Objective Author, in this article, analyses the nuances of exercising revisionary power of CIT / PCIT u/s 263 when the assessee has preferred an appeal before CIT(A) and the matter is pending for adjudication. Text reproduced from judgement/Act is in small font and in Italics. Structure-: This article is based on a judicial pronouncement ...

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Foreign Exchange Fluctuations – Is it Capital Loss/Gain?

Income Tax - Whether foreign exchange gain will be considered as Capital gain in case business of company has not commenced. Section involved – Charging Section 4, Section 28(i) and Section 263 of the Income Tax Act, 1961 QUESTION:- Assessee-company was constituted as a special purpose vehicle to carry out foundational tasks for setting up a coal ba...

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Question Based on Provisions of Sections 154, 263 & 264 of IT Act, 1961

Income Tax - Today we are going to consider problem  based on provisions of Sections Sections 154, 264 & 263  of the Income Tax Act, 1961. PROBLEM :-  Assessment of X Ltd., is completed under Section 143(3) with an addition of Rs. 15.00 Lakhs to the returned income. The assesses-company goes in an appeal before CIT (Appeals). Which […]...

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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...

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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...

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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 justified as AO allowed deduction u/s 54B without necessary inquiry

Shri Ramanbhai Bholidas Patel Vs PCIT (ITAT Ahmedabad) - ITAT Ahmedabad held that invocation of provisions of section 263 of the Income Tax Act justified as AO allowed deduction u/s 54B without necessary inquiry about applicability of the same....

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Section 263 order passed without DIN is invalid & deemed to never been issued

H K Suresh Vs PCIT ( ITAT Bangalore) - Order passed u/s.263 is invalid and shall be deemed to have never been issued if it does not contain the DIN...

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Section 263 cannot be invoked for non-verification in year of transfer of utilization of amount deposited in Capital Gain Account

Surjit Singh S/o Mehtab Singh Proprietor M/s Beli Ram Surjit Singh Vs PCIT (ITAT Chandigarh) - Any action on part of the Assessing officer to verify utilization of amount deposited in capital gains account scheme needs to be undertaken or examined in the year when the period of three years from the date of transfer of original asset expires and not in year of transfer of original asset....

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Adoption of one possible course doesn’t make order erroneous and revision thereon not permissible

Ravindrakumar Hiralal Shah Vs PCIT (ITAT Ahmedabad) - ITAT Ahmedabad held that adoption of one of the courses permissible in law which resulted in to loss of revenue cannot be treated as erroneous order and accordingly invocation of revision proceedings u/s 263 unjustifiable....

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Revisional Jurisdiction cannot be invoked merely for mismatch of truck number

Smt. Shila Dutta Vs ACIT (ITAT Kolkata) - PCIT wrongly proceeded to set aside assessment order due to mismatch of truck number in two invoices, which was visibly a clerical mistake....

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Recent Posts in "section 263"

Invocation of section 263 justified as AO allowed deduction u/s 54B without necessary inquiry

Shri Ramanbhai Bholidas Patel Vs PCIT (ITAT Ahmedabad)

ITAT Ahmedabad held that invocation of provisions of section 263 of the Income Tax Act justified as AO allowed deduction u/s 54B without necessary inquiry about applicability of the same....

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Section 263 order passed without DIN is invalid & deemed to never been issued

H K Suresh Vs PCIT ( ITAT Bangalore)

Order passed u/s.263 is invalid and shall be deemed to have never been issued if it does not contain the DIN...

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Section 263 cannot be invoked for non-verification in year of transfer of utilization of amount deposited in Capital Gain Account

Surjit Singh S/o Mehtab Singh Proprietor M/s Beli Ram Surjit Singh Vs PCIT (ITAT Chandigarh)

Any action on part of the Assessing officer to verify utilization of amount deposited in capital gains account scheme needs to be undertaken or examined in the year when the period of three years from the date of transfer of original asset expires and not in year of transfer of original asset....

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Adoption of one possible course doesn’t make order erroneous and revision thereon not permissible

Ravindrakumar Hiralal Shah Vs PCIT (ITAT Ahmedabad)

ITAT Ahmedabad held that adoption of one of the courses permissible in law which resulted in to loss of revenue cannot be treated as erroneous order and accordingly invocation of revision proceedings u/s 263 unjustifiable....

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Revisional Jurisdiction cannot be invoked merely for mismatch of truck number

Smt. Shila Dutta Vs ACIT (ITAT Kolkata)

PCIT wrongly proceeded to set aside assessment order due to mismatch of truck number in two invoices, which was visibly a clerical mistake....

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Revisional power unjustified as detailed inquiry conducted by AO

Gurdeep Singh Vs PCIT (ITAT Chandigarh)

ITAT Chandigarh held that invocation of revisional power under section 263 of the Income Tax Act unjustified once detailed inquiry conducted by AO on the matter. ...

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Revisional order u/s 263 not invocable if AO duly applied his mind

Prerak Goel Vs PCIT (ITAT Mumbai)

ITAT Mumbai held that revisional order u/s 263 cannot be invoked if Assessing Officer has conducted enquiries and applied his mind and has taken a possible view of the matter....

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ITATs can allow ground which was not taken before CIT(A) & Assessing Officer

PCIT Vs Eversafe Securities (Calcutta High Court)

Whether ITAT has the power to entertain additional ground without recording reasons and without following Rule 46A of the Income-tax rules, 1962 and whether jurisdictional issue relating to non issuance of notice u/s 143(2) can be raised at any time?...

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PCIT cannot invoke revisionary jurisdiction if AO conducted proper enquiry

PCIT Vs Britannia Industries Limited (Calcutta High Court)

It is not a case of lack of enquiry or lack of proper enquiry. The PCIT does not in as many words states that there was lack of enquiry or lack of proper enquiry and all that is said is that the assessing officer did not verify these aspects which is factually incorrect. Therefore, it is not a case where the PCIT could have invoked his ju...

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Orders cannot be set aside on mere whims & fancies of Revisionary Authority

Rajbir Singh Vs PCIT (ITAT Chandigarh)

On facts we find that issues have been enquired into at length by AO and orders cannot be set aside on mere whims & fancies of Revisionary Authority...

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