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 : An analysis of Sections 263 and 264 of the Income-tax Act, 1961. It details the conditions, scope, and judicial precedents for the...
Income Tax : Karnataka High Court allows PCIT's appeal, upholding a Section 263 revision for non-disallowance of commission payments without TD...
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 : The issue was whether Section 263 could be invoked despite adequate verification by the AO. The Tribunal ruled that a plausible, e...
Income Tax : The Tribunal clarified that revisionary jurisdiction presupposes a valid assessment order. Where Section 153C itself is time-barre...
Income Tax : The Tribunal held that revision under Section 263 cannot be exercised over a search assessment completed under Section 153C with p...
Income Tax : Delhi ITAT ruled that purchases from paper companies cannot be treated as normal business expenses under Section 37(1). Fraudulent...
Income Tax : The Tribunal held that revision cannot be based on alleged lack of enquiry when detailed verification was already done. A mere cha...
Jharkhand High Court held that review can only be sought if there is a mistake or an error apparent on the face of the record. A review petition has a limited purpose and cannot be allowed to be ‘an appeal in disguise’. Accordingly, review petition dismissed.
ITAT Delhi held that invocation of provisions of section 40A(3) of the Income Tax Act not justifiable as income is estimated on the basis of gross profit rate. Thus, disallowance u/s. 40A(3) set aside and appeal stands allowed.
Mumbai ITAT rules Section 263 cannot override AO’s reasoned decision allowing 80G deduction on CSR expenses, citing consistent tribunal judgments.
The present appeals are filed by the Revenue and Assessee against different orders of the Ld. Commissioner of Income Tax (Appeals), NFAC, Delhi dated 04.08.2022 for the assessment years 2017-18 & 2018-19.
ITAT Bangalore quashed a Section 263 revision order concerning a Section 54F deduction, citing insufficient inquiry by Assessing Officer and lack of adequate opportunity for taxpayer.
ITAT Delhi held that offshore supply of equipment revenue couldn’t be taxed in India. Thus, once it is not assessable even under the normal provisions, section 44BBB would also not apply. Accordingly, appeal allowed.
Mumbai ITAT dismisses PCIT’s Section 263 order against Kisan Agro Mart, ruling a presumed 3% commission on accommodation entries was based on surmises, lacking evidence.
ITAT Delhi held that revision under section 263 of the Income Tax Act not justified as PCIT failed to demonstrate that assessment order was erroneous and prejudicial to the interest of revenue. Accordingly, revision order quashed.
The Karnataka High Court upheld revision proceedings in the PCIT v. TE Connectivity India Pvt. Ltd. case, ruling that the absence of a detailed order on commission payments/discounts in the original assessment rendered it erroneous and prejudicial to revenue. The court emphasized the need for explicit findings.
The Madras High Court has directed the Commissioner of Income Tax to grant a personal hearing and dispose of an appeal filed by Vadivelu Anbazhagan concerning an income tax demand of Rs. 8 lakh. The appeal for Assessment Year 2016-17 has been pending for over three years.
