Revision u/s 263 - The findings of ld Revisional Authority ...

Revisional Authority's decision u/s 263 overturned; issues were already addressed in assessment. Pr. CIT needs more than differing opinions.

January 5, 2023

Case Laws Income Tax AT

Revision u/s 263 - The findings of ld Revisional Authority cannot be sustained as the enquiry in to the relevant issues is duly reflected in the assessment proceedings and only because the ld Pr. CIT being a higher authority and more wiser in experience considered that enquiry in some other aspects would have resulted in different opinion, does not give jurisdiction to exercise revisional power u/s 263. - AT

View Source

← Previous Next →

Revision u/s 263 - The findings of ld Revisional Authority ...

Revisional Authority's decision u/s 263 overturned; issues were already addressed in assessment. Pr. CIT needs more than differing opinions.

January 5, 2023

Case Laws Income Tax AT

You may also like:

The High Court held that the Revisional Authority did not follow the proper procedure prescribed u/s 263 of the Income Tax Act while invoking its revisionary powers. The...

The Appellate Tribunal examined the issue of invoking revisional jurisdiction u/s 263 in a case involving receipts of accommodation entries and reopening of assessment....

Revision u/s 263 - The provisions of Section 263 although appears to be of a very wide amplitude and more particularly after insertion of Explanation 2 but cannot...

Revision u/s 263 - Scope of Explanation 2 to section 263 - the said Explanation does not give unfettered power to the PCIT to assume revisional-jurisdiction to revise...

Revision u/s 263 - Once the valuation report has not been sent by the valuation officer to the assessing officer/assessee, within the period stipulated by the act that...

Revision u/s 263 - Period of limitation - the limitation prescribed under section 263(2) would run from original assessment in respect of issue alien to reasons recorded....

Revision u/s 263 by CIT - requirement of issuing show-cause notice - there is nothing in the Section 263 to raise the said notice to the status of a mandatory show-cause...

Revision u/s 263 by CIT - As both the issues in question on the basis of which the Pr.CIT had assumed jurisdiction u/s 263 of the Act had been considered and decided in...

Revision u/s 263 - Out of the three issues raised in the show cause notice u/s 263 of the Act, in two issues ld. AO has conducted complete enquiry during re-assessment...

The ITAT directed the AO to conduct a fresh assessment u/s 263 to determine the Fair Market Value (FMV) of shares issued u/s 56(2)(viib). Existing shareholders received...

Revision u/s 263 - Suo moto revisional proceeding initiated - The Gauhati High Court allowed the writ petition and set aside the Show Cause Notice and the ex-parte Order...

Jurisdiction of Revisional Authority to revise an order - The decision of the Tribunal may not be acceptable to the Revisional Authority, but that cannot furnish any...

Revision u/s 263 by CIT - reopening on the basis of letter written by JCIT - In the case in hand the Ld. Revisional Authority has done no homework on its end but merely...

Revision u/s 263 - case of “no enquiry” - Regarding introduction of Explanation 2 to section 263, as claimed by Ld. PCIT in his order, we only need to submit that the...

HC quashed reassessment proceedings initiated beyond 4 years under s.147 on multiple grounds. Issues raised were identical to prior s.263 revision proceedings where PCIT...

Quick Updates: