Revision u/s 263 by CIT - Wrong claim of business expenditure - ...

CIT Revises Assessment u/s 263: Assessee Fails to Prove Nexus Between Interest Income and Business Expenditure.

January 12, 2022

Case Laws Income Tax AT

Revision u/s 263 by CIT - Wrong claim of business expenditure - Since the assessee failed to prove the nexus between the interest income and expenditure incurred, the CIT set aside the order of AO, who allowed the same under the head “income from other sources”. Even before us, the ld. AR of the assessee failed ot prove the nexus between the interest income and expenditure incurred and, therefore, we uphold the order of CIT on this issue - AT

View Source

← Previous Next →

Revision u/s 263 by CIT - Wrong claim of business expenditure - ...

CIT Revises Assessment u/s 263: Assessee Fails to Prove Nexus Between Interest Income and Business Expenditure.

January 12, 2022

Case Laws Income Tax AT

You may also like:

Revision u/s 263 involving excess deduction of transport expenses and non-deduction of TDS on transportation charges. CIT held AO failed to verify adequately, rendering...

Interest income earned from fixed deposits created as margin for availing business loans was rightly treated as business income and netted off against interest...

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 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...

Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

Treating the interest income as 'income from other sources' - CIT(A) in his order has observed that the assessee submitted profit and loss account and balance sheet only...

Set off of the brought forward losses against the income from other sources - Ld. CIT (A) has rightly decided that, “although interest income has been shown as income...

The assessee filed an original return u/s 139(4) and later discovered an omission, wrongly claiming deduction u/s 57 for interest paid on borrowed capital under 'Income...

u/s 263, the AO had not made any addition regarding cash deposits in the assessee company's bank account and unsecured loan received during the year under consideration,...

ITAT upheld revision under s.263 finding assessment order erroneous and prejudicial to revenue interests. Assessee failed to establish loan genuineness and lenders'...

Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

Income from pension fund u/s 10(23AAB) - CIT(A) admitted the fresh claim - Claim of exemption when the income is taxable u/s 44 - If the assessee failed to revise its...

The Appellate Tribunal reviewed a case involving a revision u/s 263 related to deduction u/s 80P(2)(a)(i). The AO allowed interest income from FD investments as a...

Revision u/s 263 by CIT - rental income which had been shown as “Income from Business & Profession” rather than showing the same as “Income from House Property” - once...

The HC held that the CIT's revision order u/s 263 was unsustainable. The CIT's view that the transfer of shares by the assessee was a sham to avoid DDT u/s 115-O was...

Quick Updates: