Revision u/s 263 - error noted by the CIT that sale of ...

Case Laws Income Tax

March 12, 2024

Revision u/s 263 - error noted by the CIT that sale of properties by the assessee during the year was not examined by the AO vis-à-vis its stamp duty value for the purpose of invoking section 43CA - The appellant challenges the validity of the PCIT's directions, particularly regarding property transactions and stamp duty valuations under section 43CA. The ITAT ultimately rules in favor of the appellant, finding no error in the AO's assessment order and determining that the PCIT's directions were beyond the scope of revenue authorities' powers. Additionally, it clarifies the limited role of revenue authorities in questioning stamp duty valuations under section 43CA.

View Source

← Previous Next →

Revision u/s 263 - error noted by the CIT that sale of ...

Case Laws Income Tax

March 12, 2024

You may also like:

Revision u/s 263 by CIT - When the case of the assessee was selected under CASS to examine the capital gains then the AO was required to examine the case meticulously on...

Revision u/s 263 by CIT - addition u/s 40A ignored by AO - expenses have been incurred in cash exceeding Rs. 20,000/- per day - AO is expected to examine the provisions...

Revision u/s 263 - Error in computing capital WIP - vis a vis the issue of accounting for income by the assessee whether in accordance with the Guidelines of the ICAI,...

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...

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 tribunal held that, when the ld. PCIT himself was satisfied that there was no error in the order of the Assessing Officer vis-à-vis irregularities...

Revision u/s 263 - Tribunal has noted that, when the ld. PCIT himself was satisfied that there was no error in the order of the Assessing Officer vis-à-vis...

Revision u/s 263 - lack of inquiry by AO - it is a case where the AO did not make any inquiry vis-à-vis the share premium and simply accepted the details filed by the...

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...

Revision u/s 263 - there was no error in the order of the AO vis-à-vis the issue of the assessee having not deducted tax at source on any alleged granules work payment...

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...

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 -...

The Appellate Tribunal examined the validity of an order passed u/s 143(3) by the Assessing Officer (AO), which was revised by the Principal Commissioner of Income Tax...

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

The AO failed to correctly compute the undisclosed income after considering the correct sale value of land as per Form 26AS. The assessee claimed that one of the lands...

Quick Updates: