Revision u/s 263 by CIT - An incorrect assumption of the fact or ...

CIT's Section 263 Revision Valid for Errors in Fact or Law, Not All AO Revenue Losses Qualify.

October 13, 2022

Case Laws Income Tax AT

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 'prejudicial to the interest of the Revenue has to be read in conjunction with an erroneous order passed by the AO. Every loss of revenue as a consequence of the order of the AO cannot be treated as prejudicial to the interest of the Revenue - AT

View Source

← Previous Next →

Revision u/s 263 by CIT - An incorrect assumption of the fact or ...

CIT's Section 263 Revision Valid for Errors in Fact or Law, Not All AO Revenue Losses Qualify.

October 13, 2022

Case Laws Income Tax AT

You may also like:

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...

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...

Disallowance on account of loss on error trade - due to human error in punching the wrong scrip code, or punching of wrong quantity or in punching buy order in place of...

Revision u/s 263 by CIT - selecting a return under CASS - expressions 'erroneous', 'erroneous assessment' and 'erroneous judgment' - Error', here, should be an error in...

The Tribunal set aside the disallowance of short-term loss claimed by the assessee in the Profit and Loss Account, holding that the shares were acquired under a normal...

Question of law or facts - on the facts and circumstances of the instant case, as the plea of limitation turns on facts and as it is clearly not a pristine question of...

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

Disallowance of Capital Loss on Sale of Shares - sale of shares due to the amalgamation of certain entities - The AO disallowed the loss, treating it as an artificial...

Revision u/s 263 by CIT - if the AO has adopted one of the two or more courses permissible in law and it has resulted in loss of revenue, or where two views are possible...

Revision u/s 263 by CIT - Total power subsidy and TUF subsidy were wrongly declared by the assessee - When AO adopted one of the courses permissible in law and it has...

Deposits made by assessee in Krishi Bank were fixed deposit investments, not trading activity. Loss suffered when bank went into liquidation is capital loss, not...

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 - Revision based on Audit Objection - a mechanical exercise of revisionary powers u/s 263 by the Revisionary Authority by merely citing the Audit...

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 - When the AO adopted one of the courses permissible in law and it has resulted in loss to the revenue, or where two views are possible and the AO has...

Quick Updates: