Revision u/s 263 by CIT - scope and ambit of the expression ...

CIT's Section 263 Revision Challenged: AO's Assessment Found Accurate, No Error in Preliminary Project Evaluation.

March 24, 2021

Case Laws Income Tax AT

Revision u/s 263 by CIT - scope and ambit of the expression "erroneous" - Since the submissions/explanations were found to be satisfactory, no further information was called from the assessee which is also evident from the fact that the returned loss has been accepted by taking note of the fact that the project was in preliminary stage and the assessee has not sold any flat during the year under consideration but received mere advances. In view of the foregoing, it could be concluded that the view of Ld. AO, could not be said to be contrary to law, in any manner, on both the issues as alleged by Ld. Pr. CIT. There was proper application of mind by Ld. AO on both the issues. - AT

View Source

← Previous Next →

Revision u/s 263 by CIT - scope and ambit of the expression ...

CIT's Section 263 Revision Challenged: AO's Assessment Found Accurate, No Error in Preliminary Project Evaluation.

March 24, 2021

Case Laws Income Tax AT

You may also like:

Revision u/s 263 - error noted by the CIT that sale of properties by the assessee during the year was not examined by the AO vis-à-vis its stamp duty value for the...

Validity of assessment - Jurisdiction - An irregularity in the assessment order may be rectified by remitting back the matter to the assessment. In the case on hand it...

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

The preliminary assessment u/s 143(1) is limited to processing the return for arithmetical errors, incorrect expense claims, verifying audit reports, deductions, and...

The ITAT upheld the Revision u/s 263 by PCIT, finding the AO's assessment under section 143(3) r.w.s. 153C erroneous and prejudicial to Revenue. The unsigned assessment...

Assessment u/s 153C - Profit estimation on money received for new construction and redevelopment projects - extrapolation of income for the search period. The assessee...

Revision u/s 263 - another possible view of the matter - The appellant challenged the jurisdiction of the PCIT, arguing that the original assessment order by the AO was...

Revision u/s 263 - once the AO cannot examine any other issue except the issue as selected for limited scrutiny assessment, the PCIT can examine the only issue which was...

Issue of reassessment u/s 263, where the Commissioner of Income Tax (CIT) upheld the reassessment as erroneous and prejudicial to the Revenue's interest for verification...

Revision u/s 263 - PCIT has used only probability and likelihood to find the error in the assessment order which is not permitted, he ought to find out specific error in...

AO's jurisdiction was challenged regarding notice u/s 143(2) after territorial reassignment. ITAT determined that jurisdictional challenges fall under Part B, Chapter...

Revision u/s 263 - successor PCIT / CIT did not agree with his predecessor - second revision order - assessment has been set aside or de novo assessment - sending of the...

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...

Revision u/s 263 - Unexplained cash deposits - Merely because documents, noted by the AO to be produced by the creditor of source of cash deposit in response to summons...

The Assessing Officer (AO) reopened the assessment solely based on the information from a survey conducted by the Sales Tax Department, without independently examining...

Quick Updates: