Revision u/s 263 - nature of payment received by the assessee- ...

Dispute over Payments: Commissioner Rules as Managerial Remuneration, Assessee Provides Evidence u/s 263 to Challenge.

January 13, 2022

Case Laws Income Tax AT

Revision u/s 263 - nature of payment received by the assessee- As per CIT-A amount received by the assessee is managerial remuneration and not professional fees - during the course of the proceedings before the Ld.PCIT the assessee had submitted various evidences including the service agreement dated 30/08/2008 and also the board resolution of the company and TDS certificate U/s.194J to justify his claim and the Ld.PCIT could not draw any negative inference from the same. Further there is also nothing on record to suggest that the assessee has received managerial remuneration. - AT

View Source

← Previous Next →

Revision u/s 263 - nature of payment received by the assessee- ...

Dispute over Payments: Commissioner Rules as Managerial Remuneration, Assessee Provides Evidence u/s 263 to Challenge.

January 13, 2022

Case Laws Income Tax AT

You may also like:

TP Adjustment - Excessive managerial remuneration to a related party - The High Court noted that the remuneration paid to the director had not been disputed by the...

ITAT ruled against revenue, finding that remuneration paid to the managing director was within permissible limits under Companies Act provisions as per Circular...

Overall maximum managerial remuneration and managerial remuneration in case of absence or inadequacy of profits - Section 197 of the Companies Act, 2013 - Amendments...

The AO failed to correctly compute the undisclosed income after considering the correct sale value of land as per Form 26AS. The assessee claimed that one of the lands...

Disallowance on account of excess claim of managerial remuneration u/s 40A - Even though the appellant company may be deemed as Public Limited Company under the...

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...

Revision u/s 263 - The ITAT held that the AO had conducted adequate inquiries into the sales promotion expenses, as evidenced by the issuance of specific queries to the...

The Appellate Tribunal examined the issue of invoking revisional jurisdiction u/s 263 in a case involving receipts of accommodation entries and reopening of assessment....

The assessment order was passed without verifying the allowability of the cost of improvement as per Section 55(1)(b)(2), rendering it erroneous and prejudicial to...

The assessee's case was selected for limited scrutiny under CASS. The PCIT observed that the assessee, along with two co-owners, had purchased an immovable property...

Pre-existing dispute regarding machine's performance and delayed delivery existed before demand notice. Respondent provided evidence of documented communication with...

TDS - Technical services provided by the NSDL and CDSL - Settlement and Custody Fees - Held as managerial remuneration liable for TDS u/s 194J - AT

The assessee company had shown the liability as outstanding amounts payable to three disputed creditors in its balance sheet as of 31.03.2015. The assessee provided...

The ITAT held that the order passed u/s 263 by the PCIT was in gross violation of the principles of natural justice. The Tribunal observed that the order disregarded the...

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...

Quick Updates: