Home Highlights December 2013 Year 2013 This

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1. The Appellate Tribunal reviewed a case involving a revision u/s 263 related to deduction u/s 80P(2)(a)(i). The AO allowed interest income from FD investments as a...

2. Validity of Revision u/s 263 - Admisibility of Deduction u/s 80P, Deduction from total income under chapter VI-A and business expenses - The ITAT quashed the order...

3. Revision u/s 263 - Eligibility of deduction u/s 80G - Deduction u/s 80G for donation made to Ramkrishna Mission Ashram, ld. PCIT took an adverse view for want of...

4. Revision u/s 263 - Deduction u/s.80-IB(10) to land owners - in response to SCN by CIT assessee placed tribunal decision where deduction u/s.80-IB(10) allowed to land...

5. Revision u/s 263 - eligibility of claim for deduction u/s 54F - If it born out from record that AO has not examined the claim of assessee for deduction and allowed the...

6. Revision u/s 263 - Assessee is entitled for deduction u/s 54 since there is transfer of residential house property as observed hereinabove and for this part of the...

7. Revision u/s 263 involving excess deduction of transport expenses and non-deduction of TDS on transportation charges. CIT held AO failed to verify adequately, rendering...

8. Revision u/s 263 - AO allowed of the assessee‟s claim for deduction of forfaiting charges as revenue expenditure - as the A.O while framing the assessment had...

9. Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

10. Revision u/s 263 - as per CIT AO had wrongly allowed the assessee exemption of capital gains claimed u/s 54B - Tribunal found that neither any inquiry was made by the AO...

11. Revision u/s 263 - deduction u/s 54 - capital gains/ loss - During the assessment proceedings as well as revision proceeding the assessee had submitted the documentary...

12. Revision u/s 263 based on DVO's report received after assessment culmination was invalid as per section 142A(4), DVO failed to provide opportunity of being heard to...

13. Revision u/s 263 by CIT - the assessee had duly explained as to why certain receipts though subjected to TDS, would not be liable to be offered to tax such as...

14. Revision u/s 263 by CIT - justification for claim of deduction u/s. 54B - Section 54B of the Act is not applicable, if the land was not used for agricultural purposes in...

15. Revision u/s 263 by CIT(A) - The reasons for non deduction of TDS stated by the assessee that the company was going through the process of demerger does not impress us...