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 ...
The Calcutta High Court held that Section 263 cannot be invoked merely due to disagreement with the Assessing Officers view. Since the AO conducted proper inquiry and followed CBDT instructions, revision was quashed and LTCG treatment on unlisted shares was upheld.
The Tribunal held that the disallowance of share purchase cost under Section 115BBE, arising from alleged bogus LTCG, is interlinked with the quantum issue.
ITAT Bangalore held that revisionary power u/s. 263 of the Income Tax Act is not justifiable since AO took plausible view of treating the interest chargeable u/s 28 of the Act being attributable to the business & allowed the deduction claimed u/s 80P(2)(a)(i) of the Act. Accordingly, appeal is allowed.
ITAT Hyderabad remanded the capital gains issue for verification of demolition expenses under Section 48. The Tribunal directed the AO to examine evidence before allowing indexed cost.
ITAT Lucknow held that revision under Section 263 cannot be invoked without specifying what enquiries the AO failed to conduct. As the PCIT did not spell out such deficiencies, the revision order was quashed.
ITAT Hyderabad held that failure of the Assessing Officer to examine ownership of multiple houses while allowing Section 54F deduction made the order erroneous and prejudicial. The matter was remanded for fresh adjudication.
The Tribunal held that failure of the Assessing Officer to verify genuineness of a ₹30 lakh donation under Section 80GGC rendered the assessment erroneous and prejudicial to revenue, justifying revision under Section 263.
ITAT Bangalore quashed Sec.263 revision, holding AO had examined Model House and ₹9.68 cr expenses in detail; mere change of opinion cannot justify revision.
The Tribunal held that revision under Section 263 is invalid where the Assessing Officer examined records and adopted a plausible view. Mere disagreement or desire for further enquiry is insufficient.
The Tribunal observed that similar deductions were allowed in earlier scrutiny assessments. Finding no error in the Assessing Officer’s view, it annulled the revision proceedings.
