TaxGuru Newsletter Subscription
Information You Can Rely On.
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...
Read MoreIncome 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....
Read MoreIncome 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 - It is noticed that the department has lost the revenue in number of cases mainly on account of fatal mistake made by the AO in issuance of notice to dead person/ non-existent entity or in framing the assessment order in the name of dead person/non-existent entity....
Read MoreIncome Tax - Through this article an attempt has been made to explain the circumstances where the revisionary powers of the commissioners u/s 263 can be invoked when the order dropping penalty proceedings u/s 271(1)(c) of the I.T. Act, 1961 was passed by the Assessing Officer. In the case of M/s. DEF, an India Company, an order was […]...
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 MoreAgencies Rajasthan Pvt. Ltd. Vs PCIT (ITAT Jaipur) - Agencies Rajasthan Pvt. Ltd. Vs PCIT (ITAT Jaipur) Invocation of Section 263 of Income Tax Act, 1961 to initiate Penalty proceeding not sustainable when addition itself deleted by ITAT Brief facts of the case are that assessment u/s 143(3) of the Act was completed on 30-12-2017 by the AO and thus th...
Read MoreVodafone India Ltd. Vs PCIT (ITAT Mumbai) - Vodafone India Ltd. Vs PCIT (ITAT Mumbai) It was argued by the ld. AR that the learned Principal Commissioner of Income-tax [‘PCIT’] erred in assuming jurisdiction and initiating proceeding under section 263 of the Income-tax Act, 1961 (‘Act’) since the order passed by the Assessing Officer ...
Read MoreShri Abdul Hamid Vs ITO (ITAT Gauhati) - Shri Abdul Hamid Vs ITO (ITAT Gauhati) Important facts of the case: 1) The assessee was engaged in the retail business of eggs & was also the partner of a partnership firm M/s Nihar Enterprises. 2) During the Regular Assessment Proceedings for Assessment year, 2014-15 AO found that a Bank Accoun...
Read MoreAmritrashi Infra Pvt Ltd Vs PCIT (ITAT Kolkata) - Second revision u/s 263 quashed by ITAT holding not permissible on the same subject matter on which specific direction given by First PCIT have been complied by AO. Doctrine of merger applied....
Read MoreM/s. Bhartia-SMSIL (JV) Vs ITO (ITAT Guwahati) - Since clause (i) section 92A was omitted with effect from 1st April, 2017 and the effect of such omission is that the said clause(i) was never existed in the statute. Hence, Ld. PCIT can not exercise the jurisdiction u/s 263 of the Act....
Read MoreAgencies Rajasthan Pvt. Ltd. Vs PCIT (ITAT Jaipur) -
Vodafone India Ltd. Vs PCIT (ITAT Mumbai) -
Shri Abdul Hamid Vs ITO (ITAT Gauhati) -
Amritrashi Infra Pvt Ltd Vs PCIT (ITAT Kolkata) -
M/s. Bhartia-SMSIL (JV) Vs ITO (ITAT Guwahati) -
DCIT Vs Luxmi Tea Company Ltd (ITAT Kolkata) -
