Home Highlights November 2016 Year 2016 This

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1. 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 -...

2. Revision u/s 263 - Addition u/s 68 - income from other source (income declared at the time of survey) - tax is payable u/s 115BBE or not - CIT was not at all justified...

3. Revision u/s 263 - Classification of rental income - House property v/s business income - The Appellate Tribunal observed that the Assessee is primarily engaged in...

4. Reopening of assessment - Validity of approval granted by the CIT - earlier Revision u/s 263 dropped - Notwithstanding this order passed by the Principal Commissioner of...

5. Revision u/s 263 - Doctrine of merger - the subject-matter in question “Disallowance under section 14A r.w.r.8D” ‘ has been considered and decided by the Commissioner of...

6. Revision u/s 263 - There was an error in the assessment order passed by the A.O. in not bringing to tax the interest income in the year under consideration under the...

7. Revision u/s 263 - Assessment u/s 153C - revision of invalid assessment - the present proceedings being collateral proceedings and if the assessment order is inherently...

8. Revision u/s 263 - Income derived from the partnership firm and claimed as exemption under s. 10(2A) - Non-examination of such crucial aspects which has direct bearing...

9. The Rajasthan High Court examined the validity of revision proceedings u/s 263 concerning the period of limitation. The issue was whether the period of limitation for...

10. Revision u/s 263 - The argument of the petitioner that the assessment order was not prejudicial to the interest of revenue and therefore the proceeding under Section 263...

11. The High Court held that the Principal Commissioner of Income Tax (PCIT) lacked jurisdiction to pass an order u/s 263 of the Income Tax Act in this case. The Assessing...

12. Revision u/s 263 based on DVO's report received after assessment culmination was invalid as per section 142A(4), DVO failed to provide opportunity of being heard to...

13. Revision u/s 263 by CIT - Addition of unexplained cash credit u/s 68 - AO has deemed it fit and proper to treat the cash deposits as the business receipts of the...

14. The Appellate Tribunal reviewed a case involving a revision u/s 263 related to deduction u/s 80P(2)(a)(i). The AO allowed interest income from FD investments as a...

15. Undisclosed income declared not to affect finality of completed assessments - THE INCOME DECLARATION SCHEME, 2016 - A declarant under this Scheme shall not be entitled,...