Home Highlights January 2013 Year 2013 This

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1. Revision u/s 263 by CIT - An incorrect assumption of the fact or an incorrect application of law will satisfy the requirement of the order being erroneous. The phrase...

2. AO failed to conduct proper inquiries regarding genuineness of loan transactions for property acquisition. Bank statements revealed assessee lacked funds, payments made...

3. Revision u/s 263 - Assessment u/s 153C - revision of invalid assessment - the present proceedings being collateral proceedings and if the assessment order is inherently...

4. Revision u/s 263 - the assessee made no specific claim u/s. 80P2(d) of the Act before the AO nor in the return of income as rightly pointed by the ld. DR. - Further, AO...

5. The ITAT addressed a case involving revision u/s 263 where the main allegation was the non-disclosure of agricultural income affecting the deduction u/s 54B. The...

6. Revision u/s 263 by CIT - The phrase prejudicial to the interest of revenue has to be read in conjunction with an erroneous order passed by the A.O. Every loss of...

7. Revision u/s 263 - CIT setting aside the second reassessment order - time limit to take action u/s 263 - the necessity for the Commissioner to have substantial grounds...

8. Revision u/s 263 - loss on sale of shares - non-mentioning of the reasons for allowing the claim, will not make the assessment order erroneous. To hold the assessment...

9. Impugned order suffers from non-application of mind, violation of principles of natural justice. Tribunal failed to consider grounds raised by petitioner for delay in...

10. Revision u.s 263 - assessment order passed pursuant to the revisionary order has resulted in reduction of tax liability - not prejudicial to the interest of the Revenue...

11. Revision u/s 263 - successor PCIT / CIT did not agree with his predecessor - second revision order - assessment has been set aside or de novo assessment - sending of the...

12. Revision u/s 263 - The expression prejudicial to the interest of the revenue is of wide import and is not confined to merely loss of tax. - The term erroneous means a...

13. Revision u/s 263 - Every loss of revenue as a consequence of an order of AO cannot be treated as prejudicial to the interests of the revenue, for example, when an...

14. Revision u/s 263 - Validity of order passed by the A.O. u/s.143(3) questioned - when the impugned order of reassessment u/s 143(3), in itself had been passed on the...

15. The AO's order was not erroneous or prejudicial to the revenue's interests. The filing fee for increasing share capital was rightly allowed as revenue expenditure,...