Home Highlights June 2016 Year 2016 This

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1. Relevance of the valuation report received after assessment, the application of mind by the PCIT in invoking Section 263 revision jurisdiction, the treatment of...

2. 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...

3. 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...

4. Revision u/s 263 - AO actually carried out an enquiry after the reopening of the proceedings and that once there was an application of mind, on the part of the AO, it...

5. Revision u/s 263 - The failure to compute assessee’s income u/s 115JB, in our considered opinion, would certainly make the order liable for exercise of revisional...

6. Revision u/s 263 - cash expenditure , prior period expenses, provisions for incentive etc. - CIT has not exercised jurisdiction u/s 263 on the ground of ‘no enquiry’ or...

7. Revision u/s 263 by CIT - The Explanation–2 to section 263 of the Act can be invoked only when no enquiries or verification is carried on otherwise it cannot be invoked....

8. Revision u/s 263 - Explanation 2(d) under section 263 specifically states that revision is possible only due to judgments of the jurisdictional High Court or supreme...

9. Revision u/s 263 - Deduction u/s 36(1)(vii) with respect to write off of interest - CIT could not invoke jurisdiction u/s 263 as the view taken by the AO was a...

10. 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...

11. Validity of revisionary jurisdiction u/s.263 - the conveyance deed was executed only after the Order of the Charity Commissioner ; that the assessee trust was never in...

12. Invocation of Section 263 by the Principal Commissioner of Income-Tax (PCIT), alleging non-application of mind and lack of jurisdiction. The key points are: The...

13. Revision u/s 263 by CIT - As both the issues in question on the basis of which the Pr.CIT had assumed jurisdiction u/s 263 of the Act had been considered and decided in...

14. Revision u/s 263 - validity of Reopening of assessment u/s 147 - proceedings without concerned authority having territorial jurisdiction are not valid - PCIT’s sec. 263...

15. Validity of revision u/s 263 against order u/s 143(3) r/w section 153A - The assessment order was passed with prior approval under Section 153D - The High court examined...