News Muncher - category 263

2 weeks, 6 days ago

Tax Monthly Digest: November 2024

Live Law

SUPREME COURT DRI Officers Can Issue Show-Cause Notices Under Customs Act : Supreme Court Allows Review Against 'Canon India' Judgment Case Details : COMMISSIONER OF CUSTOMS vs. M/S CANON INDIA PRIVATE LIMITED Case no. A division bench of Justices Vibhu Bakhru and Swarana Kanta Sharma ruled, “Assessee's contention that E4e Healthcare is functionally dissimilar to the assessee and therefore, could …

Delhi Supreme Court Writ Petition Writ Jurisdiction Tax Court Uttar Pradesh

3 weeks ago

Appeals U/S 260A Of Income Tax Act Not Sustainable In Absence Of Perversity In Tribunal's Fact Finding: Allahabad High Court

Live Law

While entertaining an Income Tax Appeal, the Allahabad High Court has held that an appeal under Section 260A of the Income Tax Act, 1961 cannot be sustained without establishing a perversity with the fact finding of the Tribunal. A catena of Supreme Court judgments have concluded that in relation to facts, no substantial question of law would arise unless the …

High Court Appeal Tax Income Tax Income Tax Act Order Income

1 month ago

Bharat Heavy Electricals Share Price Today on 22-11-2024: Bharat Heavy Electricals share price are up by 2.63%, Nifty up by 0.94%

Live Mint

Bharat Heavy Electricals Share Price Today on 22-11-2024: At 22 Nov 12:06 today, Bharat Heavy Electricals shares are trading at price ₹233.95, 2.63% up from the previous closing price. On the technical front, the stock is trading above the 5,10,20 days SMA & lower than the 50,100,300 day SMA. The stock will have support at 5,10,20 days SMA & face …

Price Stock Share Heavy Bharat Sma Electricals

1 month ago

Tax Weekly Round-Up: November 11 To November 17, 2024

Live Law

HIGH COURTS Allahabad HC 1. : ITA 1092/2018 The Delhi High Court has held that in order to invoke Section 263 of the Income Tax Act, 1961, the Principal Commissioner must satisfy “twin conditions”, i.e. Assessing Authority Can't Reassess Prior Years Without Inquiry While Determining Relevant Year's Assessment: Kerala High Court Case Title: Kings Infra Ventures Ltd. v. The Assistant …

Delhi Court Customs Income Tax Title Income Tax Act Kerala High Court

1 month, 1 week ago

[S.263 IT Act] Revisionary Power Can Be Invoked When Order Meets Twin Conditions Of Being Erroneous, Prejudicial To Interest Of Revenue: Delhi HC

Live Law

The Delhi High Court has held that in order to invoke Section 263 of the Income Tax Act, 1961, the Principal Commissioner must satisfy “twin conditions”, i.e. A division bench of Justices Vibhu Bakhru and Swarana Kanta Sharma observed, “Twin conditions have to be met for assuming jurisdiction under Section 263 of the Act, and the PCIT has to form …

Court Income Tax Case Interest Revenue Held Commissioner

1 month, 1 week ago

Consequential Order Passed By Assessing Authority Beyond Terms Of Remand By Commissioner Is Unacceptable: Kerala High Court

Live Law

The Division Bench of Kerala High Court comprising Justices A.K. observed that “the concern of the Assessing Authority, while passing a consequential order, has to be limited to those specific issues that have been remanded to it for consideration by the Commissioner……….” Section 263 of the Income Tax Act, 1961 empowers the Commissioner of Income Tax to revise any order …

Tax Income Tax Kerala High Court Order Act Commissioner Issues

1 month, 3 weeks ago

Karnataka's Startup Ecosystem Booms, with 263 New Ventures Entering Global Market

New Indian Express

Karnataka's startup ecosystem continues to thrive, with the state registering 263 new startups in various sectors, including healthcare and education. The surge in these sectors is attributed to the post-pandemic emphasis on digital learning and the growing demand for innovative healthcare solutions.

Global Expansion Startup Growth Healthcare Tech Education Tech Bengaluru

2 months ago

TCU Dominates Utah, Clinches Big 12 Title Hope

Associated Press

TCU's defense shines as they shut down Utah 13-7, securing their first win against the Utes this season. Josh Hoover shines with 263 passing yards and a touchdown, while his rushing performance is equally impressive with 72 yards and a touchdown. The Horned Frogs' suffocating defense proves to be a force, forcing Utah into 68 rushing yards and only 17 …

Entertainment Law Crime Funny Salt Lake City

3 months, 2 weeks ago

Sri Lanka all out for 263, 62 behind, on third day at Oval

Hindustan Times

By Lawrence White Sri Lanka all out for 263, 62 behind, on third day at Oval LONDON - England skittled Sri Lanka out for 263 at the Oval on Sunday to claim a first innings lead of 62 on day three, as they seek a clean sweep of summer test victories for the first time since 2004. England nonetheless soon …

England Sri Lanka Test Lanka Sri Oval

3 months, 3 weeks ago

Defense leads way as Duke beats Elon 26-3 in its first game under Manny Diaz

Associated Press

The AP Top 25 college football poll is back every week throughout the season! DURHAM, N.C. — Jaquez Moore, Jeremiah Hasley and Eli Pancol scored short touchdowns while Duke’s defense racked up eight sacks as the Blue Devils beat Elon 26-3 on Friday night in their first game under Manny Diaz. I know these guys will fight.. We’re going to …

Football Game Duke Way Diaz Murphy Elon

3 months, 4 weeks ago

Jaren Hall leads Vikings past Eagles 26-3 in preseason finale for both teams

Associated Press

PHILADELPHIA — Minnesota’s Jaren Hall threw for 162 yards and two touchdowns in the first half against Philadelphia’s reserves, and the Vikings beat the Eagles 26-3 on Saturday in the preseason finale for both teams. Asked why Hurts didn’t play, Eagles coach Nick Sirianni said, “I felt like we got enough work to be ready.” The AP Top 25 college …

Philadelphia Vikings Darnold Pick Hall Eagles Playing

4 months, 1 week ago

Mistake In Calculation Of Tax As Per Sec 115BBE Can Be Rectified U/s 154 And Not U/s 263: Ahmedabad ITAT Quashes Revision Made By PCIT

Live Law

Finding that all the additions made by the Assessing Officer u/s 68 r/w/s 115BBE are in consonance with the Income Tax Statute, the Ahmedabad ITAT quashed the revisional exercise of power by the PCIT u/s 263. The power under section 263 of the Income tax Act can be exercised where the order of the Assessing Officer is erroneous and prejudicial …

Tax Income Tax Act Order Income Sec Bench Itat

4 months, 4 weeks ago

Karnataka govt. offered ₹60 crore funding to 263 start-ups

The Hindu

As many as 263 start-ups were offered funding of over ₹60 crore by the Department of Information Technology and Biotechnology of Karnataka in 2022 and 2023, according to a report released here on Wednesday. According to the report, among the 263 winners, women entrepreneurs lead 47 start-ups, and 119 start-ups are from tier II and III cities in the State, …

Bengaluru Offered 60

5 months, 1 week ago

Once Revision Order Become Final, No Question Of Passing Another Order Will Arise: Meghalaya High Court

Live Law

The Meghalaya High Court has held that once the revision order becomes final, no question of passing another order will arise.The bench of Chief Justice S. Vaidyanathan and Justice W. Diengdoh has observed that the Assessing Officer had passed an order under Section 263 of the Income Tax Act, 1961, which was set aside by the Principal Commissioner of Income …

Tax Court Income Tax Order Income Revision Company

5 months, 1 week ago

ITAT Half Yearly Digest: January To June 2024 - PART II

Live Law

Failure To Produce Share Certificate Is No Basis To Doubt Share Purchase Transaction: Mumbai ITAT Refers Art 265 Of Constitution Case Title: Shantaben Fathechand Mehta verses Income-tax Officer Referring to Article 265 of the Constitution of India, the Mumbai ITAT remanded the case to the file of AO with direction to verify factual aspects, pertaining to the purchase of the …

India Delhi Mumbai Kolkata Hyderabad Tax Customs

6 months ago

Revisionary Power Can't Be Invoked On Allegation Of Improper Inquiry By AO: Delhi ITAT

Live Law

The Delhi Bench of Income Tax Appellate Tribunal has held that the assessment order cannot be held to be erroneous and prejudicial to the interest of revenue merely on the allegation that the Assessing Officer has not made an inquiry and verification with regard to cash deposits as well as scrap sales.The bench of Saktijit Dey and Naveen Chandra. The …

Assessment Order Income Interest Officer Allegation Itat

6 months ago

Jujutsu Kaisen chapter 263 delayed again: New leaks suggest July release due to Akutami’s waning health

Hindustan Times

Another delay for Jujutsu Kaisen chapter 263 is on the cards. Jujutsu Kaisen chapter 263 delayed again: New leaks suggest July release due to Gege Akutami’s waning health Jujutsu Kaisen manga chapter 263 faces further delay Fans were left hanging after a brief glimpse of Yuta facing off against Sukuna in chapter 262, and the wait to see the fate …

Manga Chapter Jujutsu Kaisen Chapter Jujutsu Kaisen 263 Gege Gege Akutami

6 months, 3 weeks ago

Mere Difference Of Opinion With AO Is No Basis To Exercise Revisionary Power U/s 263: Chandigarh ITAT Confirms Sec 80P Deduction Granted By AO

Live Law

The Chandigarh ITAT quashed the revision order u/s 263 holding that application of mind is discernible from examination of the record and that “the power under Section 263 of the Act was exercised on the basis of a mere difference in opinion with the AO, rendering such exercise of revisionary power to be invalid”. The Division Bench comprising A.D. Jain …

Assessment Bank Order Cooperative Sec Bench Deduction

6 months, 3 weeks ago

₹263 crore TDS refund fraud: ED records witness statements

Hindustan Times

Mumbai: The Enforcement Directorate has intensified its probe into the ₹263-crore TDS refund fraud case, recording witness statements from two police constables. HT Image Chavan, who was arrested by the agency last Monday, faces accusations of possessing, concealing, and diverting proceeds of crime in the case. Apart from Chavan, the agency previously arrested four individuals in the case — former …

Mumbai Case Tds Chavan Refund Fraud Batreja Ed Records

9 months, 1 week ago

PCIT Cannot Enlarge Scope Of Limited Scrutiny By Invoking Sec 263: Chennai ITAT

Live Law

Finding that the case of assessee was selected for limited scrutiny by the AO, the Chennai ITAT ruled that the PCIT cannot enlarge the scope of limited scrutiny u/s 263 of the Income tax Act. The Bench of V. Durga Rao and Manjunatha, G. observed that “it is not a fit case to invoke the provisions of section 263 of …

Income Case Limited Bench Itat Assessee Pcit

9 months, 1 week ago

Once Reassessment Framed By AO Is Not Sustainable,Order U/s 263 Seeking To Revise Reassessment Is Not Acceptable: Delhi ITAT

Live Law

While allowing the appeal of assessee in respect of the fact that whether the PCIT had validly assumed his revision jurisdiction u/s 263 of the Income Tax Act, 1961, both in law and on facts, the New Delhi ITAT held that the PCIT erred in assumption of jurisdiction u/s 263 of the Income Tax Act, 1961. The Bench of the …

Reassessment Assessment Income Tax Order Income Case Act

10 months, 3 weeks ago

Karnataka cabinet okays construction of flyover, railway overbridge at ₹263 cr

Hindustan Times

In a major relief for commuters, the Karnataka cabinet on Thursday has given a nod to two key infra projects - an elevated rotary flyover and a two-lane railway overbridge - costing a total of ₹263 crore. The elevated rotary flyover will be coming up at IOC Junction and the two-lane railway overbridge, which will be an addition to pre-existing …

Bengaluru Karnataka Railway Crore Karnataka Cabinet Railway Overbridge 263 Cr

10 months, 3 weeks ago

Calcutta High Court Upholds Quashing Of CIT's Order Speculating Possibility Of Understatement In Closing Stock Without Specific Finding

Live Law

The Calcutta High Court has upheld the quashing of an order passed by the CIT speculating on the possibility of understatement in closing stock without a specific finding.The bench of Chief Justice T.S. The Calcutta High Court has upheld the quashing of an order passed by the CIT speculating on the possibility of understatement in closing stock without a specific …

Tax Order Income Stock Tribunal Finding Closing

1 year ago

Section 54 Deduction Can't Be Disallowed Merely For Not Depositing LTCG In Capital Gain Account Scheme: ITAT

Live Law

The Delhi Bench of Income Tax Appellate Tribunal has held that deduction under Section 54 of the Income Tax Act cannot be disallowed merely for not depositing long-term capital gain that was not deposited in the capital gain account scheme.The bench of Saktijit Dey and M. Balaganesh has adopted a hyper-technical approach while dealing with. The Delhi Bench of Income …

Property Assessment Order Income Capital Scheme Gain

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Articles for 263

Tax Monthly Digest: November 2024

Appeals U/S 260A Of Income Tax Act Not Sustainable In Absence Of Perversity In Tribunal's Fact Finding: Allahabad High Court

Bharat Heavy Electricals Share Price Today on 22-11-2024: Bharat Heavy Electricals share price are up by 2.63%, Nifty up by 0.94%

Tax Weekly Round-Up: November 11 To November 17, 2024

[S.263 IT Act] Revisionary Power Can Be Invoked When Order Meets Twin Conditions Of Being Erroneous, Prejudicial To Interest Of Revenue: Delhi HC

Consequential Order Passed By Assessing Authority Beyond Terms Of Remand By Commissioner Is Unacceptable: Kerala High Court

Karnataka's Startup Ecosystem Booms, with 263 New Ventures Entering Global Market

TCU Dominates Utah, Clinches Big 12 Title Hope

Sri Lanka all out for 263, 62 behind, on third day at Oval

Defense leads way as Duke beats Elon 26-3 in its first game under Manny Diaz

Jaren Hall leads Vikings past Eagles 26-3 in preseason finale for both teams

Mistake In Calculation Of Tax As Per Sec 115BBE Can Be Rectified U/s 154 And Not U/s 263: Ahmedabad ITAT Quashes Revision Made By PCIT

Karnataka govt. offered ₹60 crore funding to 263 start-ups

Once Revision Order Become Final, No Question Of Passing Another Order Will Arise: Meghalaya High Court

ITAT Half Yearly Digest: January To June 2024 - PART II

Revisionary Power Can't Be Invoked On Allegation Of Improper Inquiry By AO: Delhi ITAT

Jujutsu Kaisen chapter 263 delayed again: New leaks suggest July release due to Akutami’s waning health

Mere Difference Of Opinion With AO Is No Basis To Exercise Revisionary Power U/s 263: Chandigarh ITAT Confirms Sec 80P Deduction Granted By AO

₹263 crore TDS refund fraud: ED records witness statements

PCIT Cannot Enlarge Scope Of Limited Scrutiny By Invoking Sec 263: Chennai ITAT

Once Reassessment Framed By AO Is Not Sustainable,Order U/s 263 Seeking To Revise Reassessment Is Not Acceptable: Delhi ITAT

Karnataka cabinet okays construction of flyover, railway overbridge at ₹263 cr

Calcutta High Court Upholds Quashing Of CIT's Order Speculating Possibility Of Understatement In Closing Stock Without Specific Finding

Section 54 Deduction Can't Be Disallowed Merely For Not Depositing LTCG In Capital Gain Account Scheme: ITAT