Income Tax : The Tribunal held that CIT(A) cannot enhance income under Section 251 on matters not considered by the Assessing Officer during as...
Income Tax : The ITAT held that revisional powers under Section 263 cannot be exercised when the Assessing Officer has already examined the iss...
Income Tax : ITAT quashed PCIT’s Section 263 order, holding AO’s treatment of survey income as business income valid and not erroneous or p...
Income Tax : Ahmedabad ITAT quashes reassessments based on ACB report, ruling the AO lacked independent "reason to believe" and only used borro...
Income Tax : ITAT Pune upholds PCIT's order u/s 263, setting aside an assessment for failure to verify ₹82.64 crore in advances for property...
Income Tax : National Chamber of Industries & Commerce, U.P has made a representation against Indiscriminate notices by the Income Tax Depa...
Income Tax : KSCAA has made a Representation on Challenges in Income Tax Related to Rectification Proceedings, Order Giving Effect, Delay in P...
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 Re...
Income Tax : ITAT held an assessment passed after the taxpayer's death was invalid in law, quashed the order, and treated all remaining issues ...
Income Tax : ITAT deleted additions after finding the AO relied only on ACB information without independent inquiry or supporting evidence. ITA...
Income Tax : ITAT Kolkata held that a loan received by a company that was not a shareholder of the lender could not be taxed as deemed dividend...
Income Tax : The Court held that Section 263 could not be invoked where the AO had made inquiries and accepted the assessee's explanation....
Income Tax : The Court held that Section 263 could not be invoked where the AO had raised queries, examined replies and completed the assessmen...
AO has clearly conducted the enquiry and revenue did not pin point the error on the part of the assessing officer the order passed after due application of mind cannot be subjected to proceeding u/s. 263 of the Act.
ITAT Delhi held that where two views are possible and AO adopted the one which Commissioner doesn’t agree then in such case revision under section 263 of the Income Tax Act not permissible for mere difference of view.
ITAT Pune held that if there was enquiry conducted by the AO even if the enquiry in inadequate there will be no occasion to the Commissioner to exercise the power of revision u/s 263 of the Income Tax Act.
ITAT held that invocation of provision of 263 to correct section under which penalty is leviable or not is beyond the power vested under section 263 of Income Tax Act,
ITAT Bangalore held that order passed under section 263 of the Income Tax Act is invalid as the same does not have any Document Identification Number.
L&T Infra Debt Fund Limited Vs CIT (Exemption) (ITAT Mumbai) In the instant case, we notice that the AO did not examine the exemption claimed u/s 10(47) of the Act, meaning thereby, the assessment order has been passed by the AO without application of mind. The exemption so allowed without examining the claim would be […]
Lokmangal Nagri Sahakari Path Sanstha Maryadit Vs PCIT (ITAT Pune) In the present case, we find that admittedly the interest income was earned from the cooperative banks, the cooperative bank is also a specie of cooperative society, therefore, the interest income earned by the cooperative society from the cooperative banks qualifies for deduction u/s 80(P)(2)(d) […]
Shri Arunoday Multi State Cooperative Credit Society Ltd. Vs PCIT (ITAT Pune) The issue in the present appeal relates to the validity of assumption of jurisdiction u/s 263 by the ld. PCIT. The Parliament had conferred the power of revision on the Commissioner of Income Tax u/s 263 of the Act in case the assessment […]
PCIT Vs Shukla Dairy Pvt. Ltd. (Gujarat High Court) We note that during the assessment proceedings, assesses had submitted before assessing officer (AO), the cash payment register and explained each of the item of proposed addition as per show cause notice of assessing officer. The cash payment register, which is placed at paper book page […]
In present facts of the case, the ITAT observed that proceedings under Section 263 of Income Tax Act, 1961 cannot be sustained if the tax payer had opted to settle the dispute under the Direct Tax Vivad Se Vishwas Act, 2020.
