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Income 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 - 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 MoreM/s. Supersonic Technologies Pvt. Ltd. Vs PCIT (ITAT Delhi) - Since no notice under section 143(2) had been issued for completion of the re-assessment proceedings, therefore, the re-assessment order itself was bad in law and the same could not be revised under section 263. ...
Read MoreM/s. Sarda Energy & Minerals Ltd. Vs. Pr. CIT (ITAT Raipur) - Held, That The Assessing Officer had conducted enquiry and after various rounds of hearing and deliberation with the assessee and scrutinizing the documents filed before him as well as submissions of the assessee, the Assessing Officer had passed an order. ...
Read MoreGulab Badgujar (HUF) Vs CIT (Central) (ITAT Pune) - Gulab Badgujar (HUF) Vs CIT (Central) (ITAT Pune) The question which arises is the exercise of revisionary jurisdiction by the Commissioner of Income Tax under section 263 of the Act against the order passed under section 143(3) r.w.s. 147 of the Act, wherein the assessment proceedings were re-opene...
Read MoreParas Chinubhai Jani Vs Pr. CIT (ITAT Ahmedabad) - Claim of deduction accepted by the AO despite unequivocal language of the Act, in our view, is erroneous as contemplated under s. 263 of the Act. Such error on the part of the AO has caused definite prejudice to the interest of the Revenue. ...
Read MoreThe Principal Commissioner of Income Tax 8 Vs M/s. Yes Bank Ltd. (Bombay High Court) - Pr. CIT Vs M/s. Yes Bank Ltd. (Bombay High Court) Assessing Officer sought clarification from the assessee about the correctness of the amount of onefifth of the total expenses incurred under Section 35D of the Act. The assessee under letter dated 26.10.2004 gave specific explanation on the issue ...
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 MoreM/s. Supersonic Technologies Pvt. Ltd. Vs PCIT (ITAT Delhi) -
M/s. Sarda Energy & Minerals Ltd. Vs. Pr. CIT (ITAT Raipur) -
Gulab Badgujar (HUF) Vs CIT (Central) (ITAT Pune) -
Paras Chinubhai Jani Vs Pr. CIT (ITAT Ahmedabad) -
The Principal Commissioner of Income Tax 8 Vs M/s. Yes Bank Ltd. (Bombay High Court) -
Shri Challa Ramakrishna Vs ACIT (ITAT Hyderabad) -
Tata Motors Ltd. vs. CIT (LTU) (ITAT Mumbai) -
Ms Anil Kapoor Film Co. Pvt. Ltd. Vs Pr. CIT (ITAT Mumbai) -
Mukand Sumi Metal Processing Limited Vs Principal CIT (ITAT Mumbai) -
