Home Highlights November 2012 Year 2012 This

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1. Revision u/s 263 by CIT - The phrase prejudicial to the interest of revenue has to be read in conjunction with an erroneous order passed by the A.O. Every loss of...

2. Revision u/s 263 - an order prejudicial and erroneous to the revenue - though the order passed by the A.O. is prejudicial to the interest of the revenue but it is not...

3. AO failed to conduct proper inquiries regarding genuineness of loan transactions for property acquisition. Bank statements revealed assessee lacked funds, payments made...

4. 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...

5. 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,...

6. Revision u/s 263 by CIT - An incorrect assumption of the fact or an incorrect application of law will satisfy the requirement of the order being erroneous. The phrase...

7. Revision u/s 263 - When the provision contained under Section 92CA(4) of the Act makes it mandatory upon the Assessing Officer to compute the total income of the...

8. Revision u/s 263 - TP Adjustment - once it is proved that assessment order is erroneous and prejudicial to the interest of revenue, the PCIT has no option except to...

9. Section 263 revision - Unexplained income u/s 69A read with Section 115BBE - Cash seized shown as 'income from other sources' - Whether to be treated as unexplained...

10. Revision u/s 263 - order framed u/s 153A - The Tribunal (ITAT) held that, the assessment orders approved u/s 153D cannot be revised u/s 263 without first revising the...

11. Revision u/s 263 - Every loss of revenue as a consequence of an order of AO cannot be treated as prejudicial to the interests of the revenue, for example, when an...

12. Revision u/s 263 - valuation of closing stock, non increasing of closing stock by proportionate other direct expenses - The alleged under valuation of closing stock is a...

13. Allowing the interest as deduction even though the films were not released during the year was erroneous and prejudicial to the interest of revenue – CIT has correctly...

14. AO failed to examine details, relied solely on assessee's submissions, resulting in erroneous assessment prejudicial to Revenue's interests. Assessee borrowed...

15. Revision u/s 263 - The expression prejudicial to the interest of the revenue is of wide import and is not confined to merely loss of tax. - The term erroneous means a...