Revision u/s 263 - wrong working of WIP - Pr. CIT has not ...

Income Tax Revision Denied: Pr. CIT's Section 263 Attempt Fails Due to Lack of Specific Error Identification in WIP.

January 23, 2021

Case Laws Income Tax AT

Revision u/s 263 - wrong working of WIP - Pr. CIT has not pointed out as to where the error has occurred. He had a suspicion that income is not accounted for correctly. Mere suspicion is no ground for exercise of power u/s. 263 of the Act. No verification or examination of the audited accounts is done by the Pr. CIT. As he has suspicion, he simply set aside the matter to the file of the AO for fresh adjudication. This is not permitted in law. - AT

View Source

← Previous Next →

Revision u/s 263 - wrong working of WIP - Pr. CIT has not ...

Income Tax Revision Denied: Pr. CIT's Section 263 Attempt Fails Due to Lack of Specific Error Identification in WIP.

January 23, 2021

Case Laws Income Tax AT

You may also like:

Revision u/s 263 - income surrendered during the survey - Levy of tax u/s 115BBE a higher rate of tax - the impugned order at best can be said to attempting to make out...

The appellant trust claimed to be formed for public charitable activities and registered under the Rajasthan Public Trust Act 1959, regularly filing its income tax...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

The High Court set aside the final assessment order and demand notice issued by the Income Tax department. The petitioner had filed an application u/s 35-A of the Income...

The Department initiated the case based on income tax documents, which were public documents, and the presumption is on their truthfulness. The difference in value based...

Validity of Revision u/s 263 - Bogus long term capital gain through share transaction of a penny stock company - The tribunal observed that the Pr. CIT based the...

Penalty u/s 271(1)(c) for furnishing inaccurate particulars of income - adjustment made u/s 92CA - penalty levied u/s 271(1)(c) on the adjustment made u/s 92CA is not...

The assessee claimed exemption/deduction u/s 54F on account of investing long-term capital gains in a new residential house. The PCIT disallowed the claim, considering...

Assessee surrendered income during survey u/s 133A as unaccounted professional receipts, which AO accepted as professional income taxable at normal rates. PCIT invoked...

CBDT extends due date for filing Income Tax Returns and Tax Audit Reports

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...

The public notice issued by the Office of the Commissioner of Customs, Tuticorin, provides special measures to facilitate the liquidation and rectification of errors...

The assessee failed to deduct tax on professional fees paid to various non-residents. The Assessing Officer (AO) held that the fees were liable to tax in India under the...

Interest u/s 234C - interest for deferment of advance tax - If on a particular due date for payment of advance tax, the facts show that there is no liability to pay...

Revision u/s 263 - income offered during the course of survey - Applicable rate of tax - the explanation offered by the assessee during the course of survey regarding...

Quick Updates: