section 263

Does Revisionary power u/s 263 of Income Tax Act 1961 really confer power to re-review?

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....

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Section 263 Revision of orders prejudicial to revenue – Amendment wef 01.06.2015

Income 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...

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Sec. 263 Order which are erroneous and prejudicial to interests of revenue

Income 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. ...

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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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S. 263 CIT must show that view taken by AO is wholly unsustainable in law

Torrent Pharmaceuticals Ltd Vs DCIT (ITAT Ahmedabad) - Torrent Pharmaceuticals Ltd Vs DCIT (ITAT Ahmedabad) Revisional Commissioner is expected show that the view taken by the AO is wholly unsustainable in law before embarking upon exercise of revisionary powers. The revisional powers cannot be exercised for directing a fuller inquiry to merely find out...

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S.263 CIT cannot treat Loss as speculative which was treated as business by AO with due application of mind

ITT Shipping (P) Ltd. Vs Pr. CIT (ITAT Kolkata) - Where AO after making adequate enquiries and verification held that forward contract loss was allowable as normal business loss, CIT was not justified in treating the same as speculative one and the assessment order as erroneous and prejudicial to the interest of revenue....

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Revision U/s. 263 cannot be done if AO has taken Plausible view resulting in revenue loss

Agasthiya Granite (P) Ltd. Vs ACIT (Madras High Court) - If the view taken by the AO was a plausible view and if it results in loss of revenue, it could not be treated as prejudicial to the interests of the Revenue for the purpose of invoking the power under section 263....

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Section 263 Inadequate inquiry by AO, cannot be considered as lack of inquiry

Fusion Voice Solutions India (P) Ltd. Vs ITO (ITAT Visakhapatnam) - Inadequate inquiry by AO with respect to compliance of TDS under section 194H could not be equated with lack of inquiry, so as take the case for revision under section 263....

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Jurisdiction U/s. 263 cannot be assumed for non-communication of Form 3CL by DSIR to DIT (E)

Century Seeds Private Limited Vs Deputy Commissioner of Income Tax (ITAT Hyderabad) - Century Seeds Private Limited Vs DCIT (ITAT Hyderabad) With reference to the finding of the Ld. CIT that the Form 3CM and 3CL are not filed which are mandatory, it was the submission that assessee has filed Form 3CM in letter format issued by DSIR granting renewal of recognition up to 3 1.03.2015 by...

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CIT cannot exercise Revisionary power u/s 263 merely because he has different opinion on the matter

The 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 ...

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section 263’s Popular Posts

Recent Posts in "section 263"

S. 263 CIT must show that view taken by AO is wholly unsustainable in law

Torrent Pharmaceuticals Ltd Vs DCIT (ITAT Ahmedabad)

Torrent Pharmaceuticals Ltd Vs DCIT (ITAT Ahmedabad) Revisional Commissioner is expected show that the view taken by the AO is wholly unsustainable in law before embarking upon exercise of revisionary powers. The revisional powers cannot be exercised for directing a fuller inquiry to merely find out if the earlier view taken is erroneous...

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S.263 CIT cannot treat Loss as speculative which was treated as business by AO with due application of mind

ITT Shipping (P) Ltd. Vs Pr. CIT (ITAT Kolkata)

Where AO after making adequate enquiries and verification held that forward contract loss was allowable as normal business loss, CIT was not justified in treating the same as speculative one and the assessment order as erroneous and prejudicial to the interest of revenue....

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Revision U/s. 263 cannot be done if AO has taken Plausible view resulting in revenue loss

Agasthiya Granite (P) Ltd. Vs ACIT (Madras High Court)

If the view taken by the AO was a plausible view and if it results in loss of revenue, it could not be treated as prejudicial to the interests of the Revenue for the purpose of invoking the power under section 263....

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Section 263 Inadequate inquiry by AO, cannot be considered as lack of inquiry

Fusion Voice Solutions India (P) Ltd. Vs ITO (ITAT Visakhapatnam)

Inadequate inquiry by AO with respect to compliance of TDS under section 194H could not be equated with lack of inquiry, so as take the case for revision under section 263....

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Jurisdiction U/s. 263 cannot be assumed for non-communication of Form 3CL by DSIR to DIT (E)

Century Seeds Private Limited Vs Deputy Commissioner of Income Tax (ITAT Hyderabad)

Century Seeds Private Limited Vs DCIT (ITAT Hyderabad) With reference to the finding of the Ld. CIT that the Form 3CM and 3CL are not filed which are mandatory, it was the submission that assessee has filed Form 3CM in letter format issued by DSIR granting renewal of recognition up to 3 1.03.2015 by the […]...

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CIT can initiate suo moto proceedings U/s. 263 where AO takes a wrong decision

Cochin International Airport Ltd. Vs ACIT (ITAT Cochin)

Cochin International Airport Ltd appeal: The Commissioner is empowered to initiate suo moto proceedings under section 263 where the AO takes a wrong decision...

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Section 263 cannot be invoked unless CIT himself made relevant enquiries and determines order to be erroneous

M/s. Indus Best Hospitality & Realtors Pvt. Ltd. Vs PRCIT (ITAT Mumbai)

M/s. Indus Best Hospitality & Realtors Pvt. Ltd. Vs PR. CIT (ITAT Mumbai) We have considered rival contentions and carefully gone through the orders of the authorities below and found from record that CIT has invoked his power u/s.263 to examine the land development charges paid by the assessee to Smt. Sumitraben Chauhan. From the [&h...

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CIT cannot exercise Revisionary power u/s 263 merely because he has different opinion on the matter

Poonam Bhotika Vs Income Tax Officer (ITAT Kolkata)

The 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 for Assessment Year 2012-13 with a direc...

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Computation of interest U/s. 234B when Assessment order was subjected to revision U/s. 263

S. Vijayalakshmi Vs ITO (ITAT Chennai)

Where original assessment order was subjected to revision under section 263, interest under section 234B would be charged till completion of assessment under section 143(3) read with section 263....

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CIT may consider an order of AO erroneous if it is a stereo typed order

Cuttack Development Authority Vs. CIT (ITAT Cuttack)

CIT may consider an order of the AO to be erroneous not only it contains some apparent error of reasoning or of law or of fact on the face of it but also because it is a stereo typed order which simply accepts what the assessee has stated in his return and fails to make enquirers which are called for in the circumstances of the case....

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