Home Highlights July 2014 Year 2014 This

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1. Revision u/s 263 - When the order of the AO suffers from a complete lack of enquiry, then the above said principle has no application due to the obvious reason that the...

2. The assessee dealt with a penny stock, and the Assessing Officer (AO) failed to conduct proper inquiry during reassessment proceedings. The Principal Commissioner of...

3. Revision u/s 263 - the facts demonstrate that necessary enquiry have been conducted by the AO and relevant documents regarding the issue was received by the AO - CIT may...

4. Revision u/s 263 - As the assessment was completed after making required amount of enquiry and there was no lake of enquiry or investigation by the AO on the issues...

5. The Commissioner of Income Tax (CIT) invoked Section 263 to revise the Assessing Officer's (AO) order, disallowing the amount paid on termination of an agreement,...

6. Section 263 revision - derivative transactions losses - inadequate inquiry by Assessing Officer (AO). Commissioner of Income Tax (CIT) set aside AO's order for...

7. Validity of reopening of assessment - Enquiry to be conducted before issuance of a notice by the AO u/s 148A(a) - The High court found that conducting an inquiry before...

8. Distinction between "lack of inquiry and inadequate inquiry" emphasized. Assessee underwent rigorous assessment proceedings with multiple notices and replies. AO...

9. Revision u/s 263 - the AO also mentioned in the order that “The Documents as submitted by the assessee were examined and placed on record”, however no remark on the...

10. Unexplained expenditure u/s 69C - AO in the course of assessment had made enquiries from the vendors u/s 133(6) and since none of them responded to the same doubted...

11. Assessing Officer conducted due enquiries regarding cash deposits during demonetization period, called for details from assessee to substantiate source. AO applied mind,...

12. The Appellate Tribunal examined the issue of invoking revisional jurisdiction u/s 263 in a case involving receipts of accommodation entries and reopening of assessment....

13. The assessee claimed exemption from long-term capital gains tax on the sale of agricultural land situated beyond the prescribed distance from municipal limits. The...

14. AO failed to conduct proper inquiry regarding alleged bogus long term capital gain by not examining bankers, brokers, Demat agencies involved in transactions,...

15. Revision u/s 263 by CIT - as per CIT AO had failed to verify applicability of the provisions of Section 56(2)(viia) - As far as the invocation of Explanation 2 to...