Revision u/s 263 - The fact remains that the specific issue ...

Section 263 Revision Contested: AO's Acceptance Without Written Reasons Doesn't Justify Revision or Indicate Prejudice.

April 4, 2022

Case Laws Income Tax AT

Revision u/s 263 - The fact remains that the specific issue raised, in the revision order was specifically looked into, detailed submissions were made and these submissions were duly accepted by the AO. Merely because the Assessing Officer did not write specific reasons for accepting the explanation of the assessee cannot be reason enough to invoke powers under section 263, and non-mentioning of these reasons do not render the assessment order “erroneous and prejudicial to the interest of the revenue. - AT

View Source

← Previous Next →

Revision u/s 263 - The fact remains that the specific issue ...

Section 263 Revision Contested: AO's Acceptance Without Written Reasons Doesn't Justify Revision or Indicate Prejudice.

April 4, 2022

Case Laws Income Tax AT

You may also like:

Revision u/s 263 by CIT - Merely because the AO did not write specific reasons for accepting the explanation of the assessee cannot be reason enough to invoke powers...

PCIT invoked section 263 against order of AO accepting valuation report of merchant banker determining share value at premium. ITAT held that AO failed to make proper...

Revision u/s 263 - AO though made inquiry about the claim made by the assessee, however, not discussed the same while passing assessment order. - It can be seen from the...

Revision u/s 263 - When the order of the AO suffers from a complete lack of enquiry, then the above said principle has no application due to the obvious reason that the...

Revision u/s 263 - As the assessment was completed after making required amount of enquiry and there was no lake of enquiry or investigation by the AO on the issues...

Assessee surrendered income during survey u/s 133A as unaccounted professional receipts, which AO accepted as professional income taxable at normal rates. PCIT invoked...

ITAT ruled against Principal CIT's revision under Section 263, finding the order procedurally flawed. The tribunal held that PCIT cannot delegate verification...

Revision u/s 263 by CIT - The fact remains that the specific issue mentioned and has been examined and the contention of the assessee accepted by the Assessing Officer....

Revision u/s 263 - Invocation of revision proceedings for the second time - As pertinent to point out that there was no bar on limitation by the ld. PCIT to invoke...

Revision u/s 263 - Debit balances written-off - no evidence or material on record including the order sheet of the A.O. to establish that A.O. examined the said issue at...

Revision u/s 263 - unexplained cash deposit during the demonization period - The tribunal noted that the AO had conducted an adequate inquiry into the assessee's cash...

Revision u/s 263 - Lack of enquiry is a reason for taking up the case for revision u/s 263 of the Act but the inadequate enquiry cannot be a reason for taking up the...

Appraisal report available but AO ignored, a fit case for revision u/s 263 - HC

Revision u/s 263 - the AO merely accepting the explanation of the assessee cannot be faulted merely because it could have been lawful to make more detailed inquiries or...

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...

Quick Updates: