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...
Only in a very gross case of inadequacy in inquiry or where inquiry was per se mandated on the basis of record available before AO and such inquiry was not conducted, the revisional power so conferred could be exercised to invalidate the action of AO.
A.O. had rightly endorsed the corroborated claim of the assessee in this regard, the PCIT, in our view, has attempted to substitute his wisdom by views of the A.O. without any definite basis. If the view of the PCIT towards the banakhat allegedly hollow or unenforceable is accepted, no income can be recognised at all.
HC held that we are not inclined to entertain this writ petition and the same is accordingly dismissed without going into the merit of the assessment only on the ground of availability of the alternative remedy. This writ petition is dismissed with costs of Rs. 10,000/- upon Mr. Somak Basu, learned Advocate because of his rude behavior in Court and addressing to the chair in highly disrespectful manner.
Smt. E. Santhakumari Vs ITO (ITAT Chennai) We noted that the Assessing Officer while framing the assessment has gone into the details of the cash deposits of Rs.30.00 lakhs and the other two more amounts of Rs.5,09,000/- and Rs.6,95,900/-. She stated before the Assessing Officer that the cash deposits is out of the gift received […]
Unisource Hydro Carbon Services Private Limited & Anr. Vs Union of India & Ors. (Calcutta High Court) The Hon’ble Justice T.S. Sivagnanam And The Hon’ble Justice Hiranmay Bhattacharyya, passed judgement on 22.04.2022 and 02.05.2022 and allowed the Writ petition and set aside the order of the Learned Single Judge passed by the Hon’ble Justice Nizamuddin […]
PCIT Vs Anindita Steels Ltd. (Calcutta High Court) In the case at hand the Tribunal rightly pointed out that the ground on which notice under Section 263 of the Act was issued was identical to the reason for reopening the assessment earlier. Furthermore, the Tribunal noted that no independent enquiry was conducted by the PCIT […]
Since we have already held that the AO has conducted proper enquiry and has taken a plausible view, therefore, the order cannot be held to be erroneous, therefore, in absence of fulfillment of twin conditions, PCIT is not justified in invoking the jurisdiction u/s 263 of the IT Act, 1961.
Once it is held that there is no error in the order of ld. AO, the ld. PCIT would be precluded from assuming revisionary jurisdiction u/s 263 of the Act as one of the twin conditions mandated in section 263 is not satisfied.
Reliance Payment Solutions Limited Vs PCIT (ITAT Mumbai) ITAT held that as long as the action of the Assessing Officer cannot be said to be lacking bonafides, his action in accepting an explanation of the assessee cannot be faulted merely because it could have been lawful to make mere detailed inquiries or because he did […]
Shivalic Academy Society Vs CIT (E) (ITAT Delhi) Settled position of law is that for the purpose of exercising jurisdiction u./s. 263 of the Act, the conclusion that the order of the AO is erroneous and prejudicial to the interest of the revenue has to be preceded by some minimal enquiry. If the Revisional authority […]
