Home Highlights March 2014 Year 2014 This

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1. Revision u/s 263 - carry forward of losses on sale of shares - where there are two possible views and the Assessing Officer has taken one of the possible views, no...

2. Revision u/s 263 by CIT - sale of impugned land measuring 10.162 acres below the stamp duty value - under the given circumstances, it can be safely concluded that the...

3. Revision u/s 263 - Revision based on Audit Objection - a mechanical exercise of revisionary powers u/s 263 by the Revisionary Authority by merely citing the Audit...

4. Jurisdiction - power of Tribunal to review its own order - Power of Review has to be granted by statute and the ‘power of Review’ is not an inherent power and therefore...

5. Revision u/s 264 in favor of assessee - It is manifest that only suo-motu power of the Commissioner under Section 264 of the IT Act, is restricted against an order...

6. Revision u/s 263 - The tribunal held that, when the ld. PCIT himself was satisfied that there was no error in the order of the Assessing Officer vis-à-vis irregularities...

7. Blocking of input tax credit in the electronic credit ledger - Power of Commissioner or an officer authorised by him under Rule 86A - The power under Rule 86A of the...

8. Power of Tribunal to recall its earlier order and hear the appeal afresh - power to review or power of rectification – Tribunal committed no error in exercising power...

9. Suo moto revision - Eligibility for deduction of the entire sub-contractors' payments made - Both the circumstances must co-exist before the revisional authority can...

10. Revision u/s 263 by CIT - selecting a return under CASS - expressions 'erroneous', 'erroneous assessment' and 'erroneous judgment' - Error', here, should be an error in...

11. Revision u/s 263 by CIT - reopening on the basis of letter written by JCIT - In the case in hand the Ld. Revisional Authority has done no homework on its end but merely...

12. Revision u/s 263 - Once the valuation report has not been sent by the valuation officer to the assessing officer/assessee, within the period stipulated by the act that...

13. Revision u/s 263 by CIT - Merely on the basis of audit objection powers u/s 263 could not have been exercised. The impugned order u/s 263, does not indicate that the...

14. Levy of Luxury Tax - concealment of sales - suo-moto power of revision - The two circumstances required to exist for the purpose of invoking the suo-moto revisional...

15. Extension of the date for filing the income tax returns - While it is true that the powers under section 119 of the Act are discretionary in nature and it is for the...