Home Highlights June 2014 Year 2014 This

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1. Revision u/s 263 by CIT - PCIT has not disputed the nature of the investments being strategic investment made for the purpose and in course of the business of the...

2. Revision u/s 263 - CIT setting aside the second reassessment order - time limit to take action u/s 263 - the necessity for the Commissioner to have substantial grounds...

3. Validity of revision u/s 263 - subsequent revision orders - first order set aside by PCIT - ITAT quashing revisionary proceedings - adoption of accrual basis of...

4. Revision u/s 263 - LTCG - deduction as claimed by the assessee u/s 54F - Pr. CIT was not justified in imposing his view upon the assessing officer on wrong appreciation...

5. Revision u/s 263 - business loss cannot be set off against other sources as per sec.71 - there is a divergent view on the issue of set off of business loss out of...

6. Revision u/s 263 by CIT - bogus loss on shares - penny stock transactions - Reliance on audit objection given by the audit party - As safely concluded that the ld. AO...

7. Revision u/s 263 - The order has been passed in undue haste and there is nothing on record to suggest the urgency in the matter except the fact that the limitation...

8. Validity of Revision u/s 263 - Bogus long term capital gain through share transaction of a penny stock company - The tribunal observed that the Pr. CIT based the...

9. Revision u/s 263 - valuation of the cost of construction for hospital building - as per explanation u/s 263, the AO did not discharge his liability fully. First the AO...

10. Revision u/s 263 - during the course of assessment, the AO made an addition on account of unexplained cash credit of unsecured loan u/s 68 - AO omitted to disallow the...

11. Revision u/s 263 by CIT- AO is first an investigating officer thereafter he is an adjudicator but here in this case, the AO remained silent, but, he ought to have...

12. Revision u/s 263 - the ld PCIT had invoked revision jurisdiction u/s 263 of the Act on the very same point of allowability of LTCL. Hence it could be safely concluded...

13. Revision u/s 263 - claim of TDS - In the absence of any demonstrable loss of revenue, interference in exercise of power u/s 263 cannot be justified - AT

14. Revision u/s 263 - violation of the provisions of section 40A(3) - CIT is not justified in invoking jurisdiction u/s 263 on the strength of an audit note - AT

15. Revision u/s 263 - unexplained cash deposit during the demonization period - The tribunal noted that the AO had conducted an adequate inquiry into the assessee's cash...