Revision u/s 263 - It is settled principle of law that once the ...

High Court's Legal Proposition Effective from Start; Pr. CIT's Revision u/s 263 Deemed Unjustified Due to AO's Valid View.

November 3, 2020

Case Laws Income Tax AT

Revision u/s 263 - It is settled principle of law that once the High Court lays down particular the proposition of law, the same is deemed to be in existence from the inception. Fact would clearly suggest that there was no material on record to hold that the legal and professional expenses are not allowable as revenue expenditure. AO only took one of the possible views and, therefore, the Pr. CIT was not justified in exercising the power of revision - AT

View Source

← Previous Next →

Revision u/s 263 - It is settled principle of law that once the ...

High Court's Legal Proposition Effective from Start; Pr. CIT's Revision u/s 263 Deemed Unjustified Due to AO's Valid View.

November 3, 2020

Case Laws Income Tax AT

You may also like:

The Appellate Tribunal examined the validity of an order passed u/s 143(3) by the Assessing Officer (AO), which was revised by the Principal Commissioner of Income Tax...

Revision u/s 263 - It is evident that A.O. made enquiries on the issue and assessee complied to the enquiries and filed all the required details. Thus, it is not a case...

Revision u/s 263 involving excess deduction of transport expenses and non-deduction of TDS on transportation charges. CIT held AO failed to verify adequately, rendering...

The AO's order was not erroneous or prejudicial to the revenue's interests. The filing fee for increasing share capital was rightly allowed as revenue expenditure,...

The case pertains to the revision of an assessment order u/s 263 regarding the applicability of the higher tax rate u/s 115BBE on unexplained expenditure u/s 69C. The...

The Commissioner's invocation of Section 263 for revision of the assessment order was unjustified as the twin conditions of the order being erroneous and prejudicial to...

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...

Revision u/s 263 - as per CIT AO had wrongly allowed the assessee exemption of capital gains claimed u/s 54B - Tribunal found that neither any inquiry was made by the AO...

The assessee claimed exemption from long-term capital gains tax on the sale of agricultural land situated beyond the prescribed distance from municipal limits. The...

Assessing Officer conducted due enquiries regarding cash deposits during demonetization period, called for details from assessee to substantiate source. AO applied mind,...

u/s 263, the AO had not made any addition regarding cash deposits in the assessee company's bank account and unsecured loan received during the year under consideration,...

The assessee's case was selected for limited scrutiny under CASS. The PCIT observed that the assessee, along with two co-owners, had purchased an immovable property...

The Appellate Tribunal considered a case involving a revision u/s 263 due to discrepancies in the assessment order, including undisclosed TDS, differences in purchases...

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 - Second Pr. CIT find the order of Second AO erroneous for lack of enquiry - Scope of doctrine of merger - The Ld. Pr. CIT has made a bald...

Quick Updates: