Revision u/s 263 by CIT- underassessment of income - CIT doubted ...

Case Laws Income Tax

January 17, 2022

Revision u/s 263 by CIT- underassessment of income - CIT doubted the expense claimed u/s. 57(iii) - Claim of general expenses against interest income - No doubt, assessee has filed some details during the assessment proceedings, but the AO did not raise query to dig the truth. The assessing officer should examine the details filed by the assessee and must reach on right conclusion, which the AO has failed to do so in the assessee's case under consideration. - Revision order sustained - AT

View Source

← Previous Next →

Revision u/s 263 by CIT- underassessment of income - CIT doubted ...

Case Laws Income Tax

January 17, 2022

You may also like:

The assessee claimed deduction of brokerage expenses u/s 57(iii) against income from other sources. The Assessing Officer disallowed part of the expenses in proportion...

The ITAT held that expenses claimed u/s 57(iii) lacked nexus with interest income earned on fixed deposits. The interest expenditure was for liquidation expenses, not...

Revision u/s 263 by CIT - CIT has duly examined the nature of expenses. The expenses are related to medical grants and other grants and J&K flood affected employees -...

Disallowance of interest expense - interest expense not attributable to the business shown u/s 44AD - claiming separate deduction under section 57(iii) - As abundantly...

Disallowance of claim of interest expenses u/s. 57(iii) - The Assessing Officer (AO) had disallowed a portion of the interest expenses based on the difference between...

Claim of deduction u/s 57(iii) - activities undertaken by the assessee club - entrance fee receipt - assessee is not eligible to claim any deduction u/s 57(iii) of the...

Claim of legal expenses u/s 57(iii) against interest income - expenditure for recovering FD and interest - direct nexus - the award of interest is only by the specific...

The preliminary assessment u/s 143(1) is limited to processing the return for arithmetical errors, incorrect expense claims, verifying audit reports, deductions, and...

Deduction claimed u/s 57 against income returned u/s 56 - manner of apportioning assessee's expenses to earning income u/s 56 disputed - Revenue authorities rejecting...

Disallowance of interest expenses - as observed by AO that assessee-company had advanced interest free loan as advanced out of secured loan availed from the Bank of...

Income From other sources - The Appellate Tribunal addressed the disallowance of interest expenses u/s 57(iii) of the Act. The claim was denied due to lack of direct...

Revision u/s 263 - Claim of deduction u/s 57(iii) - Since this stand taken by the assessee with respect to claiming 10% deduction against income from other sources have...

Expenses as claimed u/s. 57(iii) - old dues not payable shown as Income from other sources - If the advance was taken from a Person who is now expired as per submissions...

Disallowance u/s 57 - disallowing of interest paid to bank which has been claimed by assessee against the income from other sources - The claim for netting off of...

Research and Development expenses (R&D Expenses) - Allowability of expenses u/s 35(2) - The expenses are not covered u/s 35(2) - The assessee has not claimed the same...

Quick Updates: