Revision u/s 263 - Having found that the assessee was owner of ...

Case Laws Income Tax

April 6, 2023

Revision u/s 263 - Having found that the assessee was owner of at least 2 residential houses, we are in agreement with the twin-issues raised by Ld. PCIT i.e. (i) the exemption u/s 54F has been wrongly allowed to assessee; (ii) by not declaring notional income from properties under “Income from house property” head, there was underassessment of taxable income. - AT

View Source

← Previous Next →

Revision u/s 263 - Having found that the assessee was owner of ...

Case Laws Income Tax

April 6, 2023

You may also like:

The assessee claimed exemption/deduction u/s 54F on account of investing long-term capital gains in a new residential house. The PCIT disallowed the claim, considering...

Revision u/s 263 - receipt of on-money - incriminating material found in search or not? - PCIT should himself have conducted the enquiry or causing to make such...

The Commissioner of Income Tax (CIT) invoked Section 263 to revise the Assessing Officer's (AO) order, disallowing the amount paid on termination of an agreement,...

LTCG - Claim of deduction u/s. 54F - Even before us at this stage, the assessee has not produced any evidence to prove that she had invested in another residential house...

LTCG - Deduction u/s 54 on investment made in five house properties - Amendment made available on the statute, vide the Finance (No. 2) Act, 2014 w.e.f. 01.04.2015...

Deduction u/s 54 - LTCG invested in buying two residential units - the assessee would only entitle to the benefit of section 54, 1) if the assessee invested the LTCG...

Revision u/s 263 - exemption u/s 11(2) - all the technical requirements were duly fulfilled by the assessee along with satisfactory response to the queries raised...

Revision u/s 263 by CIT - Even if we agrees to the contention of the Ld. A.R. of the assessee that Explanation 2(c ) below section 263(1) of the Act is not applicable...

The assessee's case was selected for limited scrutiny under CASS. The PCIT observed that the assessee, along with two co-owners, had purchased an immovable property...

Revision u/s 263 - applicability of section 56(2)(x) - assessee acquired leasehold/freehold land and building from the BDMC - The ITAT found that the revisionary...

Revision u/s 263 by CIT - the assessee had duly explained as to why certain receipts though subjected to TDS, would not be liable to be offered to tax such as...

Revision u/s 263 - Assessee has failed to establish that the AO has made necessary enquiries - there is no doubt about applicability of Explanation (2) to section 263(1)...

Validity of Revision u/s 263 by CIT - payments made to persons specified under Section 40A(2)(b) allowed in assessment order - there is a finding by the Tribunal, as...

Revision u/s 263 - Assessee is entitled for deduction u/s 54 since there is transfer of residential house property as observed hereinabove and for this part of the...

Revision u/s 263 - Period of limitation - “service” of the order - From the reading of the provisions of Section 263(2) of the Act, it is clear that there is no mention...

Quick Updates: