Section 263 revision - derivative transactions losses - ...

Tax Authority Overreach: Revision Denied as Inquiry Was Conducted and Evidence Satisfied the Original Assessment.

November 11, 2024

Case Laws Income Tax AT

Section 263 revision - derivative transactions losses - inadequate inquiry by Assessing Officer (AO). Commissioner of Income Tax (CIT) set aside AO's order for re-examination instead of giving conclusive finding on sustainability under law. Distinction between lack of inquiry and inadequate inquiry - if any inquiry conducted, even inadequate, CIT cannot revise merely due to different opinion. Only lack of inquiry permits revision u/s 263. AO conducted inquiry, was satisfied with evidence provided, not required to give elaborate finding. CIT cannot remand for fresh adjudication merely due to uncertainty about assessee's claim correctness. When AO's order not erroneous for want of inquiry, CIT must give conclusive finding on order's sustainability under law. Assessee's appeal allowed.

View Source

← Previous Next →

Section 263 revision - derivative transactions losses - ...

Tax Authority Overreach: Revision Denied as Inquiry Was Conducted and Evidence Satisfied the Original Assessment.

November 11, 2024

Case Laws Income Tax AT

You may also like:

Revision u/s 263 - the facts demonstrate that necessary enquiry have been conducted by the AO and relevant documents regarding the issue was received by the AO - CIT may...

Revision u/s 263 - the AO also mentioned in the order that “The Documents as submitted by the assessee were examined and placed on record”, however no remark on the...

Revision u/s 263 - As the assessment was completed after making required amount of enquiry and there was no lake of enquiry or investigation by the AO on the issues...

The HC held that the Tribunal rightly did not approve the manner in which proceedings were conducted by the Adjudicating Authority. The respondent had demonstrated...

The assessee claimed exemption from long-term capital gains tax on the sale of agricultural land situated beyond the prescribed distance from municipal limits. The...

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

Jurisdiction - proper officer to issue summons and conduct inquiry - Investigation / Enquiry proceedings initiation by different authorities of state and central GST -...

Revision u/s 263 - When the order of the AO suffers from a complete lack of enquiry, then the above said principle has no application due to the obvious reason that the...

Levy of penalty - Detention of goods alongwith vehicle - wrong E-way bill - in penal provision such as Section 129 of the GST Act, the element of intention to evade tax...

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 - unexplained cash deposit during the demonization period - The tribunal noted that the AO had conducted an adequate inquiry into the assessee's cash...

Revision u/s 263 - The ITAT held that the AO had conducted adequate inquiries into the sales promotion expenses, as evidenced by the issuance of specific queries to the...

Violation of principles of natural justice - Reliance on the Enquiry Reports - The court highlighted that the petitioner was given multiple opportunities to respond to...

Validity of reopening of assessment - Enquiry to be conducted before issuance of a notice by the AO u/s 148A(a) - The High court found that conducting an inquiry before...

Revision u/s 263 by CIT - lack of inquiry v/s inadequate inquiry - apparently from the records and as per the observations of the Ld. PR. CIT, coupled with the failure...

Quick Updates: