Revision u/s 263 - commission paid to the MD to be disallowed - ...

Case Laws Income Tax

February 13, 2016

Revision u/s 263 - commission paid to the MD to be disallowed - Even though it has not claimed 100% of the quantum of the value of assets due to the fact that the assets were acquired and utilized less than 180 days, it was eligible for only 50% of the rate of depreciation. Again, it cannot claim the additional depreciation u/s 32(1)(iia) - AT

View Source

← Previous Next →

Revision u/s 263 - commission paid to the MD to be disallowed - ...

Case Laws Income Tax

February 13, 2016

You may also like:

The ITAT, an Appellate Tribunal, considered a case involving the revision u/s 263 for non-deduction of tax at source on salary and commission payments. The CIT argued...

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 -...

Revision u/s 263 - Genuineness of expenditure (Commission paid) - The ITAT found that the commission agreement was genuine, payments were made through banking channels,...

Power of revision under section 263 – Amendment to Explanation to Section 115 JB - subsequent amendment in 2005 even though retrospective will not attract the provision...

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,...

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...

Revision u/s 263 - claiming business expenditure while claiming standard deduction in the rental income - No doubt assessee has claimed the voluntary expenditure under...

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...

Revision u/s 263 by CIT - Capital gain computation - the out of 100 % sales consideration 95.36 % is offered as capital gain and the claim of the assessee is less than 5...

Disallowing commission expenses u/s 37 - As all the persons to whom commission was paid were either Directors of the Company or their relatives. None of them is shown to...

Nature of Duty Paid by 100% Export Oriented Units (EOU) - The CESTAT held that while the measure adopted for computing duty paid by 100% EOUs may be based on customs...

Revision u/s 263 - AO though made inquiry about the claim made by the assessee, however, not discussed the same while passing assessment order. - It can be seen from the...

Revision u/s 263 - Assessee merely kept referring to the decision that an enquiry was made by the ld. AO and section 263 should not have been invoked. We, however, find...

Revision u/s 263 - claim for depreciation on the leasehold rights - claim of depreciation of capitalized amount of stamp duty Paid - Allowing of the assessee’s claim for...

Revision u/s 263 - Lack of enquiry is a reason for taking up the case for revision u/s 263 of the Act but the inadequate enquiry cannot be a reason for taking up the...

Quick Updates: