Revision u/s 263 by CIT - Even if we agrees to the contention of ...

PCIT Upholds Revision of Assessment Order u/s 263 for 2014-15 Due to Inadequate AO Investigation.

October 16, 2021

Case Laws Income Tax AT

Revision u/s 263 by CIT - Even if we agrees to the contention of the Ld. A.R. of the assessee that Explanation 2(c ) below section 263(1) of the Act is not applicable for AY 2014-15, still it does not in any way make any impact on the finding made by the Ld. PCIT that the AO has not enquired into the five (5) issues raised by him in the SCN - we uphold the action of the Ld. PCIT to have invoked Section 263 of the Act to interdict the assessment order - AT

View Source

← Previous Next →

Revision u/s 263 by CIT - Even if we agrees to the contention of ...

PCIT Upholds Revision of Assessment Order u/s 263 for 2014-15 Due to Inadequate AO Investigation.

October 16, 2021

Case Laws Income Tax AT

You may also like:

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 Appellate Tribunal addressed a case involving revision u/s 263 by PCIT questioning the recognition of liabilities 'Nardana Claim-1' and 'Nardana Claim-2' under ICDS....

A notice for reopening assessment for AY 2014-15 could not be issued beyond the period of six years. Uploading of information by the investigation wing would not...

Revision u/s 263 by PCIT - claim of deduction u/s 80P - When the rule of consistency has been applied by the ld AO, his order cannot be termed as erroneous without...

The assessee's claim for deduction u/s 80IC for the finished products manufactured at Unit No. III at Paonta Sahib, Himachal Pradesh, was initially allowed but later...

Set off of loss - We uphold the plea of the assessee that so far as set off of loss returned by the assessee in the assessment year 2014-15 is concerned, the same cannot...

Section 263 revision - derivative transactions losses - inadequate inquiry by Assessing Officer (AO). Commissioner of Income Tax (CIT) set aside AO's order for...

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...

The assessee borrowed loans from financial institutions at an interest rate of 12.75% and advanced loans to group companies or relatives at 12% interest rate. The...

The ITAT addressed a case involving revision u/s 263 where the main allegation was the non-disclosure of agricultural income affecting the deduction u/s 54B. The...

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...

The ITAT upheld the revision order u/s 263 The PCIT demonstrated that the Assessing Officer failed to examine/inquire/investigate transactions in the demat account, bank...

The Appellate Tribunal considered a case involving a revision u/s 263 regarding the validity of a Limited scrutiny Assessment. The PCIT observed that the AO did not...

PCIT issued revision notice under s263 based on audit objections regarding unexplained property investments and bank deposits. The second notice dated 17.2.2022...

The Assessing Officer (AO) failed to conduct relevant inquiries regarding the shares held as penny stocks by the assessee in GCM Securities Ltd. The Principal...

Quick Updates: