Revision u/s 263 - violation of the provisions of section 40A(3) ...

CIT's Use of Section 263 Overruled; Audit Note Insufficient for Revising Assessments u/s 40A(3) Violation Claim.

June 22, 2016

Case Laws Income Tax AT

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

View Source

← Previous Next →

Revision u/s 263 - violation of the provisions of section 40A(3) ...

CIT's Use of Section 263 Overruled; Audit Note Insufficient for Revising Assessments u/s 40A(3) Violation Claim.

June 22, 2016

Case Laws Income Tax AT

You may also like:

Assessment u/s 153C versus 143 - Additions u/s 45 - Underreporting of sale consideration for immovable property while framing the Assessment Order u/s 143(3) - Whether...

Disallowance of freight expenditure u/s 40A(3) paid in Cash - As enhanced limit of ₹ 35,000/- is applicable for the payment to the transport operators and in other...

Mere disallowance of expenses u/s 40A(3) would not invite penalty for concealing or furnishing inaccurate particulars of income. Assessee disclosed all particulars...

Disallowance of cash payments in excess of prescribed limit u/s. 40A(3) - even though few payments is covered u/s. 40A(3) of the Act, because of peculiar nature of...

Exemption u/s 11 - registration under Section 12AA - violation of Section 40A(3) - Tribunal rightly concluded that the issue with regard to violation of Section 40A(3)...

Disallowance u/s 40A(3) - part payment in cash in excess of the limit prescribed u/s 40A(3) for purchase of land - since it forms part of stock and trade the provisions...

The ITAT Delhi held that no addition u/s 68 was warranted as there was no abnormal jump in sales, with audited results and profits undisputed. The difference in cash...

Income from pension fund u/s 10(23AAB) - CIT(A) admitted the fresh claim - Claim of exemption when the income is taxable u/s 44 - If the assessee failed to revise its...

Additions u/s 40A(3) - Payment made in Cash - Since the AO has not doubted the genuineness of the expenses as no such disallowance has been made and the AO has made only...

Disallowance u/s 40A(3) - cash payments of expenditures - poor creditability in the market - genuineness of such expenditure is not in dispute - AO directed to sustain...

Disallowance u/s 40A(3) - AO opined that banker’s cheques were not covered in any of the provisions of Rule 6DD of the Income Tax Rules as they were the account payee...

Invocation of section 40A(3) - Octroi was paid to the Ahmedabad Municipal Corporation – Cash payment - payment does not come within the provisions of section 40A(3) read...

Addition u/s 40A(3) - Payment not made in cash but paid to third parties on behalf of supplier of goods – AO was not justified in invoking the section 40A(3) - AT

Disallowance u/s 40A(3) - payment in case for purchase of recharge vouchers from Tata Teleservices Limited - payments were genuine - rigors of section 40A(3) / Rule 6DD...

Disallowance u/s 40A(3) - cash payment - There is no case of addition of section 40A(3) with regard to purchases that were made on account of capital items - AT

Quick Updates: