Revision u/s 263 - Income recognition method - PCIT cannot ...

PCIT Can't Order Reassessment u/s 263 Without Clear Accounting Flaws in Revenue Recognition for Property Sales.

July 22, 2020

Case Laws Income Tax AT

Revision u/s 263 - Income recognition method - PCIT cannot direct the AO for denovo assessment without assigning any defects or deficiencies in the method of accounting of revenue recognition on account of sale of flats/residential units/land and regarding non-applicability of AS-7 as contended by ld counsel for the assessee during the proceedings u/s 263.

View Source

← Previous Next →

Revision u/s 263 - Income recognition method - PCIT cannot ...

PCIT Can't Order Reassessment u/s 263 Without Clear Accounting Flaws in Revenue Recognition for Property Sales.

July 22, 2020

Case Laws Income Tax AT

You may also like:

Revision u/s 263 - Method of accounting adopted for revenue recognition of the project - The Tribunal decided that the Pr.CIT erred in directing the AO to reassess based...

The Appellate Tribunal reviewed a case involving a revision u/s 263 related to errors in revenue recognition methods. The Commissioner has the authority to examine and...

Revision u/s 263 - Revenue recognition against advances received - It is the other party who makes the payment, who has not objected or had not made any claim against...

Addition on account of revenue recognition following percentage of completion method (POCM) - as per AO assessee had incurred substantial expenses on construction but...

Reversal of profits declared in earlier years on account of estimated loss expected - valuation of work in progress (WIP) - The matching principle requires recording...

CIT(A) allowed assessee to withdraw appeal against section 263 revision order, stating Tribunal quashed section 263 order and CIT(A) erred in not deciding appeal merits....

Unearned revenue from subscription services - AO has clearly erred in changing consistently followed method of revenue recognition adopted by the assessee.We find due...

Revision u/s 263 - The methodology adopted by the assessee for revenue recognition was being consistently followed by the assessee during previous and subsequent...

ITAT ruled against Principal CIT's revision under Section 263, finding the order procedurally flawed. The tribunal held that PCIT cannot delegate verification...

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...

Revision u/s 263 - CIT setting aside the second reassessment order - time limit to take action u/s 263 - the necessity for the Commissioner to have substantial grounds...

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...

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...

The assessment order was passed without verifying the allowability of the cost of improvement as per Section 55(1)(b)(2), rendering it erroneous and prejudicial to...

Section 263 revision - Unexplained income u/s 69A read with Section 115BBE - Cash seized shown as 'income from other sources' - Whether to be treated as unexplained...

Quick Updates: