Revision u/s 263 by CIT - It is the duty of the AO to ascertain ...

CIT Upholds Revision u/s 263 Due to AO's Failure to Investigate Assessee's Alleged Conduit Role.

October 17, 2023

Case Laws Income Tax AT

Revision u/s 263 by CIT - It is the duty of the AO to ascertain the truth of the facts stated / submitted by the assessee especially when the circumstances of the case are such as to provoke an inquiry and the word "erroneous" in section 263 includes the failure to make such an inquiry. - Yhere is lack of enquiry on the part of the AO as far as one leg of the transaction is concerned where assessee is claimed to be the conduit. - Revision order sustained - AT

View Source

← Previous Next →

Revision u/s 263 by CIT - It is the duty of the AO to ascertain ...

CIT Upholds Revision u/s 263 Due to AO's Failure to Investigate Assessee's Alleged Conduit Role.

October 17, 2023

Case Laws Income Tax AT

You may also like:

Revision u/s 263 - as per CIT AO had wrongly allowed the assessee exemption of capital gains claimed u/s 54B - Tribunal found that neither any inquiry was made by the AO...

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...

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

CIT(E) exercised revisionary powers under s.263 due to AO's failure to investigate payments for machinery supplied through an employee. Despite receiving specific...

Revision u/s 263 by CIT- AO is first an investigating officer thereafter he is an adjudicator but here in this case, the AO remained silent, but, he ought to have...

Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

Revision u/s 263 - valuation of the cost of construction for hospital building - as per explanation u/s 263, the AO did not discharge his liability fully. First the AO...

The HC held that the CIT's revision order u/s 263 was unsustainable. The CIT's view that the transfer of shares by the assessee was a sham to avoid DDT u/s 115-O was...

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

Revision u/s 263 - The Pr. CIT while passing the order u/s 263 cannot remand the matter back to the AO for passing the fresh order as it will lead to the conclusion that...

Validity of Revision u/s 263 - Bogus long term capital gain through share transaction of a penny stock company - The tribunal observed that the Pr. CIT based the...

Assessing Officer conducted due enquiries regarding cash deposits during demonetization period, called for details from assessee to substantiate source. AO applied mind,...

The Appellate Tribunal addressed a case involving revision u/s 263 by PCIT questioning the recognition of liabilities 'Nardana Claim-1' and 'Nardana Claim-2' under ICDS....

AO failed to conduct proper inquiries regarding genuineness of loan transactions for property acquisition. Bank statements revealed assessee lacked funds, payments made...

The ITAT allowed the assessee's appeal against revision u/s 263 by the CIT. The AO had rightly allowed deduction u/s 57 after detailed inquiry. The CIT cannot substitute...

Quick Updates: