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...
The Tribunal directed the PCIT to reconsider a u/s 263 order, emphasizing that the PCIT is legally bound to examine and deal with the assessee’s explanations, such as increased sales due to an early festival season. The key takeaway is that merely issuing a notice is insufficient; the PCIT’s final order must be a speaking order that addresses all submissions.
The ITAT set aside the PCIT’s revision order, confirming that the revisional power under Section 263 cannot be invoked merely to conduct a deeper inquiry or change a view previously taken by the AO. Since the AO had specifically examined and verified the share’s Fair Market Value (FMV) during the original scrutiny, the assessment was neither erroneous nor prejudicial to the Revenue.
ITAT Jabalpur dismissed the Revenue’s appeal regarding the eligibility of Section 80P deduction for a co-operative society’s Business Correspondent income, citing the CBDT’s revised monetary limit for appeals.
Ahmedabad ITAT rules in Naman Vidyapati Patel Vs PCIT that the cancellation of a land deal and refund of received amounts, even post-search, negated the claim of unaccounted income, quashing the PCIT’s revision order under Section 263.
The Tribunal directed the AO to treat the sales tax subsidy as a capital receipt, finding its purpose was to promote industrialization in backward regions, not subsidize production. The ITAT also deleted the Section 14A disallowance, confirming the taxpayer had sufficient own funds.
ITAT Chennai held that revisional powers under Section 263 cannot be used to substitute the Assessing Officer’s view when proper enquiry was conducted. The AO’s acceptance of business loss and PF/ESI deductions was valid.
Bombay High Court confirms that an assessment order isn’t ‘erroneous’ if AO applied his mind. Court dismissed PCIT’s appeal against Gehna Jewellers.
The Income Tax Appellate Tribunal (ITAT) overturned a Principal Commissioner of Income Tax (PCIT) order under Section 263. The Tribunal held that the PCIT cannot invoke revisionary powers simply because they desire a deeper investigation, establishing that inadequate enquiry is not equivalent to no enquiry by the Assessing Officer (AO).
ITAT Raipur held that since order passed by Pr. CIT u/s. 263 is quashed the addition made by AO u/s. 143(3) r.w.s 263 does no more survive. Therefore, appeal of the assessee allowed and addition made by AO liable to be quashed.
Holding the tolerance band as a remedial measure, the Tribunal applied it retrospectively to avoid hardship where stamp duty and actual sale values differ by less than 10%.
