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...
Komara Gounder Chinnusamy Vs ITO (ITAT Chennai) The PCIT has revised assessment order passed by the AO u/s.143(3) r.w.s.147 of the Act, on the issue of trade discount received by the assessee from M/s. SKM Animal Feeds and Foods (India) Pvt. Ltd., amounting to Rs.23,16,261/-. According to the PCIT, although, the assessee has received trade […]
ITAT Bangalore held that revisionary power u/s 263 cannot be invoked when the order passed by AO is neither erroneous nor prejudicial to the interest of revenue.
PCIT has given his own observation which amounts to review and change of opinion or review while exercising Section 263 is not permitted by the Income Tax Statute. Thus, the PCIT was not right in exercising Section 263 in assessee’s case.
It is well-settled law that once the proceedings are before Ld. CIT(Appeals) in respect of certain issues, then the same issue again cannot be re-agitated by taking recourse to proceedings under section 263 of the Act as held in the case of CIT v. Vam Resorts and Hotels Private Limited 418 ITR 723 (Allahabad)
The general prudence of the law is that the same income cannot be taxed twice. On other hand, the partners are not liable to pay tax on the remuneration which was already paid by the firm in its return of income.
Time City Real Estates (India) Limited Vs PCIT (ITAT Lucknow) In the present case, ITAT noted that the Assessing Officer had carried out sufficient enquiries and this is not even a case of lack of enquiry. Further the Hon’ble Supreme Court in the case of Malabar Industrial Co. has held that for assumption of jurisdiction […]
ITAT Bangalore held that revisionary powers u/s 263 of the Act rightly exercised by ld.Pr. CIT as AO failed to discharge his duty. Cash deposited during the demonetization period should be assessed as per CBDT guidelines.
ITAT Bangalore held that AO completed the assessment completed without verification of exemption claimed by the assessee u/s 10(1) and hence Pr. CIT validly initiated proceedings under section 263 of the Income Tax Act.
ITAT Mumbai held that AO duly verified the TDS credit and assessee duly explained as to why certain receipts though subjected to TDS would not be liable to be offered to tax such as mobilization advance. Ignoring the same and exercising the revisional jurisdiction u/s 263 in a mechanical and cavalier manner is unsustainable
Bank of Baroda (w.r.t E-Dena Bank) Vs PCIT (ITAT Mumbai) Pr.CIT held that the order passed by the A.O u/s 143(3) of the Act as erroneous as well as prejudicial to the interest of the revenue on the grounds that A.O has not verified the claim of deduction of the assessee pertaining to amortization of […]
