Income Tax : Explore the necessity of issuing notices under Section 263 post the Faceless Assessment Scheme introduction. Analyze the schemes e...
Income Tax : Explore remedies for taxpayers under the Income Tax Act, 1961, comparing appeals & revisions. Understand procedures, limitations &...
Income Tax : Explore Sections 207 to 219 of the Income Tax Act, 1961, covering Advance Tax provisions, due dates, and in-depth analysis. Unders...
Income Tax : Explore the intricacies of Section 263 of the Income Tax Act, 1961. Learn how it rectifies erroneous orders and safeguards revenue...
Income Tax : Whether payment to shareholders out of sale proceeds of a property belonging to the company, to end dispute amongst the shareholde...
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 Kolkata held that CIT has not applied his mind analytically while assuming jurisdiction for taking cognizance under section 2...
Income Tax : Punjab & Haryana HC upholds Principal Commissioner’s revision under Section 263. Assessing Officer’s wrong Section 44ADA asses...
Income Tax : ITAT Ahmedabad held that passing of revisionary order by PCIT u/s. 263 of the Income Tax Act without giving proper and adequate op...
Income Tax : Patna High Court held that for migrating PAN to new AO, due to change in address, a written request to existing AO must be made. S...
Income Tax : ITAT Ahmedabad held that order of PCIT invoking section 263 of the Income Tax Act set aside as conditions necessary for invoking S...
ITAT Jaipur: Challenge against PCIT invoking Section 263 for large share premium. AO’s proper examination defended. Grounds and merits discussed.
Reliance Industries Ltd. Vs PCIT (ITAT Mumbai) Upon perusal of assessment order under consideration, it is quite evident that an order was passed by Ld. AO u/s 143(3) r.w.s. 147 of the Act. One of the reasons to reopen the case was the allegation of Ld. AO that income from assets given on lease, though […]
CIT Vs Indian Overseas Bank (Madras High Court) The question as to whether the date, on which the order under Section 147 of the Act was passed should be reckoned as the starting point of limitation, considering the facts and circumstances of the case, has been dealt with by several decisions of the Hon’ble Supreme […]
In view of above aspects, we find that a prima facie case has been made out by the petitioner. Considering the balance of convenience and irreparable loss that the petitioner may suffer, further process pursuant to the order dated 24.03.2021 under Section 263 of the IT Act shall remain stayed until further order(s).
CMJ Breweries Private Limited Vs Union of India (Gauhati High Court) it is submitted by Dr. Saraf that the pre-condition to be present for invoking the Section 263 of the IT Act is absent in this case inasmuch as there is no prima facie satisfaction by the Principal Commissioner on the basis of the materials […]
M/s. Vaghasiya Exports Vs Pr. CIT (ITAT Mumbai) Ld. AO was clinched with the issue of suspicious purchases made by the assessee from various entities of tainted group. In fact, it is the only addition made in the assessment order. Specific queries were raised requiring the assessee to substantiate the purchases under suspicion. The assessee […]
Any order of the subordinate authority which could have been considered as erroneous and prejudicial to the interest of revenue in allowing assessee’s claim of deduction under section 80IA, either due to lack of enquiry or otherwise, was the original assessment order passed under section 143(3) r.w.s. 144C and not the re-assessment order. PCIT had proceeded to revise the assessment order passed under section 143(3) r.w.s. 147 to get over the hurdle of limitation which was impermissible.
Commissioner issued a show cause notice under section 263 and ultimately passed impugned order; by that time the alleged domestic transaction of purchase from related party was not required to be considered as a specified domestic transaction under section 92BA of the Act. It has been omitted, and therefore, no proceedings under section 263 should have been undertaken by the ld. Commissioner.
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 […]
