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...
Kamal Kishore Mukati Vs PCIT (ITAT Indore) The facts in brief are that the assessee entered into an agreement in March 2006 for sale of agricultural land used for agricultural purpose. He received sale consideration in parts through banking channels. Sale deed was finally registered between March 2006 and April 2008. Before registering the sale […]
PCIT Vs Brahma Centre Development Pvt. Ltd. (Delhi High Court) Revision by CIT Held Invalid Where Interdiction of Assessment Order In Substitution of View Taken By AO Is Not Permissible Under Section 263 To answer this issue, one would have to bear in mind, the following aspects. i. Was there an enquiry carried out by […]
Since the revision proceedings u/s 263 had been apparently triggered only based on borrowed satisfaction i.e Audit Objection and not based on independent application of mind by PCIT therefore, the revision order passed by PCIT u/s 263 was hereby directed to be quashed.
Manoj Singhal Vs PCIT (ITAT Delhi) On going through the details, we find that the deduction claimed u/s 54F was Rs.6,12,10,100/- whereas the deduction eligible was Rs.6,11,19,500/-. Thus, there is a computational difference of Rs.90,600/- in the claim of deduction u/s 54F which could have been rectified u/s. 154. The provisions of section 263 need […]
Galaxy Surfactants Limited Vs ACIT (ITAT Mumbai) Once an Assessing Officer prepares a draft assessment order, that is the end of his domain of powers so far as framing of assessment is concerned- unless of course there are any directions from the Dispute Resolution Panel which are required to be implemented by the Assessing Officer. […]
Pooja Marketing Vs. Pr. CIT (ITAT Mumbai) In the present case before us, the assessee had offered its entire income including income by way of winnings from lotteries on unsold lottery tickets, as income chargeable under the head ―Profits and gains of business or profession“. However, the ld PCIT had sought to treat the income […]
Since AO passed the assessment order and accepted the return filed by assessee after examining the issue regarding increase in capital account as assessee had credited his capital account with agricultural income and the capital gain from sale of flats and had reflected that same in its capital account, therefore, CIT had exceeded jurisdiction under section 263 by directing AO to make fresh assessment on the issues which were not the subject matter of the AO’s limited scrutiny.
Hill Queen Investment (P) Ltd. Vs PCIT (ITAT Kolkata) In this case issue is whether the ld. Pr. CIT is correct in invoking his powers u/s 263 of the Act. In our considered view, the Assessing Officer has called for and verified all the details and documents in connection to the purchase and sale of […]
CIT could not brand the action of AO to accept the claim of assessee in respect of LTCG as a case of no enquiry on the part of AO to term it as an erroneous order and which finding could have facilitated him to usurp/interfere by exercising his revisional jurisdiction u/s. 263. Further, CIT himself ought to have conducted enquiry to bring out the fallacy as to show how the enquiry conducted by the AO was erroneous. Thus, revision was not justified as the impugned order was nothing but cut & paste exercise without application of mind.
CIT was not justified in exercising his powers under section 263 and considering the assessment order passed by AO as erroneous and prejudicial to the interest of the Revenue as AO after appreciating the complete documentary evidences placed on record and applying his mind to the facts of the case, accepted the evidences filed by assessee and had taken a possible view.
