Revision u/s 263 - As per CIT penalty proceedings u/s.270A not ...

PCIT's revision u/s 263 overturned; AO's assessment order found neither erroneous nor harmful to Revenue interests.

June 27, 2022

Case Laws Income Tax AT

Revision u/s 263 - As per CIT penalty proceedings u/s.270A not initiated by AO - the assessment order passed by the AO is neither erroneous nor prejudicial to the interest of the Revenue and thus, we are of the considered view that the PCIT is erred in revising the assessment order u/s.263 of the Act. - AT

View Source

← Previous Next →

Revision u/s 263 - As per CIT penalty proceedings u/s.270A not ...

PCIT's revision u/s 263 overturned; AO's assessment order found neither erroneous nor harmful to Revenue interests.

June 27, 2022

Case Laws Income Tax AT

You may also like:

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

ITAT overturned PCIT's revision order under s.263 regarding treatment of income surrendered during survey. The tribunal found AO had conducted proper inquiry into excess...

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

Revision u/s 263 by CIT - Jurisdiction exercised by ld PCIT under section 263 of the Act is not in accordance with law. PCIT has selected the item (share capital and...

The case pertains to the revision of an assessment order u/s 263 regarding the applicability of the higher tax rate u/s 115BBE on unexplained expenditure u/s 69C. The...

Revision u/s 263 - The PCIT primarily questioned the claim of deduction under Section 80IC and criticized the AO for allegedly not conducting a thorough examination...

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 - Bogus LTCG/Share transaction - as per CIT AO failed to make necessary enquiries to ascertain the actual strength of the company, investment profile of...

The assessee claimed exemption from long-term capital gains tax on the sale of agricultural land situated beyond the prescribed distance from municipal limits. The...

Revision u/s 263 - large share premium received - valuation of shares and the applicability of Section 56(2)(viib) - The Tribunal found that the PCIT's order was...

The ITAT upheld the Revision u/s 263 by PCIT, finding the AO's assessment under section 143(3) r.w.s. 153C erroneous and prejudicial to Revenue. The unsigned assessment...

Revision u/s 263 - another possible view of the matter - The appellant challenged the jurisdiction of the PCIT, arguing that the original assessment order by the AO was...

The High Court held that the Principal Commissioner of Income Tax (PCIT) lacked jurisdiction to pass an order u/s 263 of the Income Tax Act in this case. The Assessing...

The ITAT Jaipur addressed a case involving a revision u/s 263 concerning the addition u/s 68 based on a report from an investigation in Mumbai. The PCIT contended that...

Revision u/s 263 - deduction under section 54B - No doubt the assessee declared capital gain but, whether its exemption can be claimed on purchase of other agriculture...

Quick Updates: