Revision u/s 263 - PCIT observed that AO had failed to examine ...

Case Laws Income Tax

March 14, 2023

Revision u/s 263 - PCIT observed that AO had failed to examine and verify the issues related to share premium received and interest earned, which issues had remained unaddressed - The action of the Ld. PCIT is in direct contravention of the provisions of Explanation (a)(i) to section 56(2)(vii) of the I.T. Act read with rule 11UA(2)(b) of the I.T. Rules. - AO could not have changed the method of valuation opted by the Assessee - Revision order quashed - AT

View Source

← Previous Next →

Revision u/s 263 - PCIT observed that AO had failed to examine ...

Case Laws Income Tax

March 14, 2023

You may also like:

Revision u/s 263 by CIT - As per PCIT AO fails to examine the issue on increase in share premium in light of provisions of section 56(2)(vii), although, the assessee has...

Revision u/s 263 - Addition u/s 68 - unexplained share capital and premium - The assessee had not only submitted all the details and evidences to prove the share capital...

Revision u/s 263 - Issue of shares at premium - It is abundantly clear that an enquiry was, indeed, made by the AO with regard to the subject shares being issued at high...

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...

Revision u/s 263 - The share premium so received was capital receipt not liable to tax during the year under consideration. Necessary enquiries with regard to share...

Revision u/s 263 involving excess deduction of transport expenses and non-deduction of TDS on transportation charges. CIT held AO failed to verify adequately, rendering...

u/s 263, the AO had not made any addition regarding cash deposits in the assessee company's bank account and unsecured loan received during the year under consideration,...

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...

Revision u/s 263 - Addition u/s 56(2)(viib) for the excess share issue price - the AO has conducted sufficient inquiry by calling all necessary details and information...

Revision u/s 263 - once the AO cannot examine any other issue except the issue as selected for limited scrutiny assessment, the PCIT can examine the only issue which was...

Correct head of income - sale consideration received by the assessee from redemption of preference shares including the premium- capital income or income from other...

Revision u/s 263 - undisclosed of share application and share premium - the failure of AO to examine the above facts during the assessment proceedings the 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 - It is evident that A.O. made enquiries on the issue and assessee complied to the enquiries and filed all the required details. Thus, it is not a case...

Levy of Service Tax - Brokerage/Commission received towards the services relating to public issue of Equity Shares/Bonds - The issue is no longer res-Integra as the...

Quick Updates: