Revision u/s 263 - Income derived from the partnership firm and ...

Case Laws Income Tax

March 24, 2021

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 on the correct assessment of income has ostensibly rendered the assessment order to be erroneous as well as prejudicial to the interest of the Revenue. We thus hold that the assessment order passed in such gross lack of application of mind causing prejudice is thus amenable to jurisdiction under s.263- AT

View Source

← Previous Next →

Revision u/s 263 - Income derived from the partnership firm and ...

Case Laws Income Tax

March 24, 2021

You may also like:

Exemption u/s 10(26) - Exemption to individual members of Scheduled Tribes - Whether a partnership firm, formed by individual partners who are entitled to an exemption...

Exemption u/s.10(2A)- amount received by a retired partner from its earstwhile partnership firm - assessee company was not at all partner in the said firm. - exemption...

Revision u/s 263 - exemption u/s 10(1) - agricultural income - no details are filed by the assessee and the Ld.AO has not verified the exemption claimed by the assessee...

Benefit of accumulation of income u/s.11(2) - denial of claim on non-submission of Form No.10 along with return of income - In this case, the assessee claims that...

Revision u/s 263 - Exemption u/s 10(23FB) - income earned out of investments made in Venture Capital Undertakings (VCU) - the assessee is bound to succeed both on the...

The assessee, a university, claimed exemption u/s 10(23C)(iiiab) for the relevant assessment year, which was accepted by the Assessing Officer (AO) after considering the...

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...

Transfer of an industrial undertaking from urban to rural area by a partnership firm qualifies for exemption u/s 54G of the Income Tax Act. The assessee, a partner in...

Revision u/s 263 by CIT - Allowability of claim of deduction u/s. 80IB(10) - In case Revenue authorities are not satisfied with the contents of the completion...

Disallowance of deduction claimed u/s 80-IB(10) - When the third party individuals are partners in the assessee-firm apart from the children of the land owners, the...

Exemption u/s 10(26) - denial of exemption relief to the two partnership firms that was formed by two tribal individuals - sec. 10(26) pre-possess “any person” who is...

Levy of interest u/s 234B and 234C - Liability of advance tax - income from partnership firm in the hands of partner - As per the provisions of Sec. 10(2A) of the Act,...

Disallowance of exemption claimed u/s 10(34) on Dividend income - the conditions laid down u/s 115-O to avail the exemption u/s 10(34), is to be complied with at the...

Assessee's claim for exemption u/s 10(35) was rejected by CPC while processing return u/s 143(1)(a), which attained finality as assessee failed to challenge it before...

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...

Quick Updates: