Revision u/s 263 by CIT - The order u/s 263 of the IT Act, is ...

Case Laws Income Tax

December 23, 2021

Revision u/s 263 by CIT - The order u/s 263 of the IT Act, is valid even if one of the several items dealt with therein is found prejudicial to the interest of revenue. Further, it is also important to mention here that the provisions of Section 263 can be invoked even where full facts are disclosed but the AO has not examined these details as per correct provisions of law. - AT

View Source

← Previous Next →

Revision u/s 263 by CIT - The order u/s 263 of the IT Act, is ...

Case Laws Income Tax

December 23, 2021

You may also like:

GST Council recommends GST rates reduction on several goods & for specified handicraft items

The notification introduces amendments to Para 10.08 of Chapter 10 of FTP 2023, outlining two significant provisions: (1) General Authorization for Export of...

Valuation - inclusion of value of bought out items - it is found that the bought out items have not been attached with the weigh bridge. Even after installation of the...

Valuation - non-inclusion of value of Bought Out items received at site - If there was any undervaluation of these items then the demand of duty should have been made on...

Import of food items - List of “Out of Scope” items as received from FSSAI

Revision u/s 263 - Even though the ld. CIT was rightfully entitled to take recourse to the Explanation 2, but thereafter he needed to bring the case with in any one or...

Disallowance on account of extraordinary items written off - It is not in dispute that the assessee had indeed written off the said abandoned project expenditure in its...

Input Service Distributor (ISD) - ISD can distribute the credit even to only one unit - AT

Condonation of delay of 163 days, 207 days & 197 days in filing appeal by Revenue - A perusal of paragraphs 3 to 8 of the application of condonation of delay would...

The MCPCB (Metal Core Printed Circuit Board) is to be classified under Heading 85.34 (Tariff Item 8534 0000) as 'Printed Circuits' and not under Heading 94.05 (Tariff...

Reopening of assessment without releasing seized documents by Crime branch - Petitioner seeking the release of seized documents and items to effectively respond to...

Concessional rate of tax - when the assessee is a dealer in textile machinery and the item in question dealt with by the assessee is an accessory to the textile...

Rate of tax - medical electronic items - when there is a special entry to deal with the item in question, one has to give preference to the same over the general entry. - HC

Revision u/s 263 - carry forward of losses on sale of shares - where there are two possible views and the Assessing Officer has taken one of the possible views, no...

Revision u/s 263 by CIT - sale of impugned land measuring 10.162 acres below the stamp duty value - under the given circumstances, it can be safely concluded that the...

Quick Updates: