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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 MoreMs Anil Kapoor Film Co. Pvt. Ltd. Vs Pr. CIT (ITAT Mumbai) - evisional order passed by the Principal Commissioner in case of Anil Kapoor Film Co. Pvt. Ltd was upheld as AO had not made enquiries/verification, to satisfy himself with respect to creditworthiness of the lender and genuineness of the transactions before framing the assessment....
Read MoreMukand Sumi Metal Processing Limited Vs Principal CIT (ITAT Mumbai) - Mukand Sumi Metal Processing Limited Vs PCIT (ITAT Mumbai) Provisions of section 56(2)(viib) invoked in the notice u/s. 263 by the ld. CIT is not applicable to the assessee company. As the assessee company was falling under section 2(18) of the Income Tax Act, 1961 being a company in which public ar...
Read MoreIndira Industries Vs. Pr. CIT (Madras High Court) - When a notice under section 263 dealt with several issues, which were not subject-matter of re-assessment proceedings, then, two years period contemplated under section 263(2) would begin to run from date of original assessment and not from date of re-assessment, CIT issued notice under section 263...
Read MoreAmbuja Cements Limited Vs CIT (ITAT Mumbai) - Ambuja Cements Limited Vs CIT (ITAT Mumbai) Section 263(1) of the Act obligates the Commissioner to give the assessee an opportunity of being heard before passing of his order. No doubt the Commissioner is not disentitled to consider a point which is not stated in the notice so issued. However, the ...
Read MoreM/s. Great Heights Infratech Pvt. Vs Pr. CIT (ITAT Delhi) - Gauhati High Court in the case of Leela Choudhary vs. CIT 289 ITR 226 held that Order passed under section 263 of the I.T. Act without considering the reply of the assessee would not be valid....
Read MoreThe 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 MoreMs Anil Kapoor Film Co. Pvt. Ltd. Vs Pr. CIT (ITAT Mumbai) -
Mukand Sumi Metal Processing Limited Vs Principal CIT (ITAT Mumbai) -
Indira Industries Vs. Pr. CIT (Madras High Court) -
Ambuja Cements Limited Vs CIT (ITAT Mumbai) -
M/s. Great Heights Infratech Pvt. Vs Pr. CIT (ITAT Delhi) -
M/s Himadri Chemicals & Industries Ltd. Vs Pr. CIT (ITAT Kolkata) -
Torrent Pharmaceuticals Ltd Vs DCIT (ITAT Ahmedabad) -
ITT Shipping (P) Ltd. Vs Pr. CIT (ITAT Kolkata) -
Agasthiya Granite (P) Ltd. Vs ACIT (Madras High Court) -
Fusion Voice Solutions India (P) Ltd. Vs ITO (ITAT Visakhapatnam) -
