Revision u/s 263 - loss incurred by the Directors - trading ...

Section 263 Revision: Disallowance of F&O Trading Losses by Directors Lacking Board Authorization Under Companies Act 2013.

August 13, 2022

Case Laws Income Tax AT

Revision u/s 263 - loss incurred by the Directors - trading activity in F & O undertaken on behalf of the company - The trading of sale and purchase of shares done by the directors of the company in their individual capacity cannot be said to be in pursuance to the Board's resolution passed by the assessee company. In the board resolution, there is no whisper of making any "investment" on behalf of the company by these directors as provided u/s. 179(3)(e) of the Companies Act, 2013. In view of the above, we do not find any justification for the Assessing Officer to allow the deduction of the losses suffered by these directors in the hands of the assessee company. - AT

View Source

← Previous Next →

Revision u/s 263 - loss incurred by the Directors - trading ...

Section 263 Revision: Disallowance of F&O Trading Losses by Directors Lacking Board Authorization Under Companies Act 2013.

August 13, 2022

Case Laws Income Tax AT

You may also like:

Revision u/s 263 by CIT - Rejection of trading results - lack of enquiry" or "lack of investigation" - Rejection of trading results and application of net profit rate by...

Revision u/s 263 by CIT-A - AO’s order is not erroneous and prejudicial to the interest of revenue since mark to market loss incurred by Company on revaluation of...

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...

Revision u/s 263 - debatable issue - taxability of interest received by the Assessee on the enhanced compensation u/s 28 of the Land Acquisition Act - The Appellate...

Power of revision under section 263 – Amendment to Explanation to Section 115 JB - subsequent amendment in 2005 even though retrospective will not attract the provision...

Disallowance of commodity derivative loss - speculative loss or not - Assessee is engaged in one and only business of derivative trading in different commodity exchanges...

Revision u/s 263 - disallowance u/s 36(1)(iii) - Since the issue under consideration during the assessment proceedings was only confined to the disallowance of interest...

Revision u/s 263 - When the ld. Commissioner issued a show cause notice under section 263 and ultimately passed impugned order; by that time the alleged domestic...

ITAT ruled in favor of assessee, setting aside revision under s.263 regarding goodwill depreciation claim post-amalgamation. The tribunal found PCIT's jurisdiction...

Revision u/s 263 - PCIT issued the above show cause notice u/s 263 in respect of specified domestic transactions referred to in clause (i) of section 92BA of the Act...

Invocation of Section 263 by the Principal Commissioner of Income-Tax (PCIT), alleging non-application of mind and lack of jurisdiction. The key points are: The...

Section 263 revision - derivative transactions losses - inadequate inquiry by Assessing Officer (AO). Commissioner of Income Tax (CIT) set aside AO's order for...

Assessee arrived at business income after setting off losses. Assessee's entitlement to carry forward losses was revised due to application of Section 79. Case was...

Revision u/s 263 - the ld PCIT had invoked revision jurisdiction u/s 263 of the Act on the very same point of allowability of LTCL. Hence it could be safely concluded...

Revision u/s 263 - Doctrine of merger - the subject-matter in question “Disallowance under section 14A r.w.r.8D” ‘ has been considered and decided by the Commissioner of...

Quick Updates: