section 263

The reasons recorded for reopening of the assessee are very foundation of the reassessment proceedings. However, same analogy can also be applied in ongoing 'Limited Scrutiny' in which the AO has been directed to examine the only specified limited issues and this stand of the assessee can ignite the litigation....

Issues have been examined by the A.O and just because the opinion as arrived by the A.O is at a variation of the opinion of the learned Pr. CIT, would not grant the learned Pr. CIT the powers of revision u/s 263 of the Act....

As in the present case before us, issues subject to revision were pertaining to original assessment and not the reopened assessment; the limitation should also start from the original assessment. In this case as original assessment order u/s 143(3) of the act was passed on 16.01.2014, the revision thereof could have been taken up to 31.3....

PCIT Vs Prince Water House (Calcutta High Court) Order dated 23.03.2015 passed by the AO giving effect to the directions of the tribunal dated 04.03.2014 (passed u/s 254 r.w.s 143(3) of the Act) did not deal with the issue of allowability of premium on account of Accountants Risk Policy. The show cause notice u/s 263 […]...

Revision under section 263 by PCIT was not justified as all the four issues questioned by PCIT were thoroughly examined by AO during the assessment proceedings, and after considering relevant facts and explanations furnished by assessee had chosen to accept the claim of the assessee and hence, the same could not be termed as non considera...

While passing the assessment order AO had followed the permissible view in law which could not be said to be 'unsustainable in law'. Therefore, the jurisdictional facts for usurping the jurisdiction u/s 263, being absent, the action of CIT to exercise revisional jurisdiction was without jurisdiction and all subsequent actions were 'null' ...

Additions of Undisclosed Income Can be made only on the basis of the entries made in the documents which give corroborative evidence and not just on presumption...

It has been held in various decisions that action u/s. 263 can be taken only when there is lack of enquiry or no enquiry. However, in the instant case necessary enquiry was conducted. Therefore, merely because the Ld. Pr. CIT does not agree with the manner of enquiry conducted by the AO he cannot substitute his own reasons and held the or...

The issue under consideration is that, when two views are possible and A.O. adopt one of the view and passed his order accordingly. But that view is not acceptable by PCIT, in such case can PCIT adopt its one of the other views and call the order of A.O. the erroneous?...

Swastik Coal Corporation Pvt. Ltd. Vs Pr. CIT (ITAT Indore) The basis of exercising of revisionary jurisdiction u/s 263 of the Act as per Ld. Pr. CIT is that transfer pricing related issues were not examined by the A.O. since the transaction carried out by the assessee are covered under specific domestic transactions. The contention [&hel...