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 : The ITAT Amritsar held that a valuation report by itself cannot justify addition under Section 69 without evidence of extra paymen...
Income Tax : ITAT Mumbai held that amortization of BOT road project expenditure must be computed based on the actual concession period and not ...
Income Tax : The Tribunal held that the reassessment order could not be revised under Section 263 since the conditions for treating jewellery e...
Income Tax : ITAT Hyderabad held that assessment orders passed pursuant to earlier remand directions were barred by limitation under Section 15...
Income Tax : Delhi ITAT held that an Assessing Officer cannot make additions beyond the specific issues remanded by the Principal Commissioner ...
Analysis of ITAT Jaipur’s decision in Shiv Vegpro Pvt. Ltd. Vs PCIT, addressing Section 263, delay condonation, and tax assessment disputes for AY 2017-18.
Detailed analysis of the ITAT Jaipur decision in Dinesh Kumar Chaurasia Vs ACIT on unexplained investments, Section 263 jurisdiction, and procedural lapses.
In the matter abovementioned ITAT upheld the jurisdiction u/s 263 exercised by PCIT, is right as twin condition of section 263 are fulfilled.
AO had raised queries on two issues i.e. (i) assessee claimed only 15% depreciation on the Higher Efficiency Boilers (being energy saving device), when it was eligible for depreciation allowance of 80% on the Written Down Value (WDV).
Kerala High Court held that revisionary proceedings by PCIT u/s. 263 rightly exercised since claim of provision for bad and doubtful debts was assumed by assessing officer to be correct without adequate enquiry. Accordingly, appeal dismissed.
Delhi High Court in CIT vs. Vikas Polymers clarified Section 263 of the Income-tax Act, emphasizing procedural compliance for revisional powers of the CIT.
Delhi High Court dismissed the Revenue’s appeal in CIT vs. Anil Kumar Sharma, affirming the Tribunal’s decision on Section 263 of the Income Tax Act.
ITAT Allahabad held that order passed by PCIT without considering the contentions of the assessee is against the principles of natural justice and accordingly is liable to be set aside. Accordingly, appeal of the assessee allowed.
Thereafter, PCIT called for the assessment records and examined the proceedings. CIT(A) after going through the case records and assessment records took a view that the order passed by the AO is erroneous and prejudicial to the interest of revenue.
ITAT Chennai held that only profit embedded to creditors written off and discount receipts is needed to be added since both i.e. creditors written off and discount receipts are inextricably linked with business of assessee. Hence, appeal partly allowed.
