#section 263
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Payment for supply of technical personnel in India not taxable as FTS
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Revisionary power u/s. 263 can be exercised on matters never raised by AO during assessment
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CIT can’t exercise revisionary power against a well reasoned order for mere disagreement with AO’s view
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S.32 Business information, contracts, records are “intangible assets” & eligible for depreciation
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s.263 Order without giving reson for observing that the order passed by AO erroneous is invalid
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When AO has conducted an enquiry and taken a possible view u/s 263, then CIT cannot take a different view
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It is not permissible for the executing authority to look beyond the order it is required to execute
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For exercise of power U/s. 263, it is mandatory that order passed by AO should be erroneous and prejudicial to interest of Revenue
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Rule 8D applicable from AY 2008-2009, however direct / indirect expenses to earn exempt Income has to be disallowed U/s. 14A
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Interest for shortfall in payment of advance tax leviable while computing book profit under MAT provisions
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S. 263 – AO’s acceptance of Jurisdictional HC Law may be ‘erroneous & prejudicial
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Section 263 – CIT is empowered to modify the assessment order passed by AO in case, the order is found to be erroneous and prejudicial to the interest of revenue
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Prior scrutiny of accounts before referring them for special audit is sine qua-non and if the same has not been done the direction for special audit is bad in law and hence assessment framed becomes nullity
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