#section 263
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1,655 articlesIncome Tax

Income Tax
PCIT Section 263 Quashed – Business Expenditure Allowable Even Without Income; AO Conducted Proper Enquiry
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Penalty u/s 270A Deleted – Immunity u/s 270AA Allowed Despite Procedural Lapse: ITAT Chennai
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ITAT Kolkata – Section 263 Revision on Deemed Dividend Quashed; Loan Not Taxable in Company’s Hands
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ITAT Kolkata – ₹6.99 Cr Share Capital Addition u/s 68 Deleted; Identity & Genuineness Proved
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Section 263 Revision Upheld Due to AO’s Failure to Examine ₹669 Crore Trust Receipt
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Income Tax
Revision U/s 263 Upheld – Lack of Enquiry on Alleged Cash Payment in Property Purchase
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Disallowance U/s 14A while computing book profit U/s 115JB deserved to be deleted
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Income Tax
Section 263 Revision Quashed as Safe Harbour Rule of 10% Held Retrospective: ITAT Raipur
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Revision order was upheld as it flagged unverified INSIGHT Portal inputs on alleged accommodation entries
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Goodwill Depreciation Allowed Earlier Cannot Be Revisited in Revision: ITAT Ahmedabad
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PCIT empowered to inspect seized assets during proceeding u/s. 263
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Deeming fiction of section 50C not extended while working WDV to claim depreciation on block of asset
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Income Tax
Ad-Hoc percentage basis Addition on Sundry Creditors Is Illegal – 41(1) Can’t Run on Presumptions
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Income Tax
