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Articles for 263, search results for assessee

[S.263 IT Act] Revisionary Power Can Be Invoked When Order Meets Twin Conditions Of Being Erroneous, Prejudicial To Interest Of Revenue: Delhi HC
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
Consequential Order Passed By Assessing Authority Beyond Terms Of Remand By Commissioner Is Unacceptable: Kerala High Court
1 month, 2 weeks 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
Revisionary Power Can't Be Invoked On Allegation Of Improper Inquiry By AO: Delhi ITAT
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
PCIT Cannot Enlarge Scope Of Limited Scrutiny By Invoking Sec 263: Chennai ITAT
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
Once Reassessment Framed By AO Is Not Sustainable,Order U/s 263 Seeking To Revise Reassessment Is Not Acceptable: Delhi ITAT
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
Calcutta High Court Upholds Quashing Of CIT's Order Speculating Possibility Of Understatement In Closing Stock Without Specific Finding
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
Section 54 Deduction Can't Be Disallowed Merely For Not Depositing LTCG In Capital Gain Account Scheme: ITAT
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
ITAT Quashes Income Tax Addition In Respect Of Immovable Property Warranting Revision By The PCIT
1 year, 4 months ago

ITAT Quashes Income Tax Addition In Respect Of Immovable Property Warranting Revision By The PCIT

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has quashed the income tax addition in respect of immovable property, warranting revision by the PCIT.The bench of Anubhav Sharma and M. Balaganesh has observed that AO, after making adequate inquiries, proceeded to make an addition for alleged money receipts on a protective basis in the hands of. The Delhi Bench …

Tax Settlement Order Income Revision Judicial Hands
Cooperative Banks Qualified As Cooperative Societies : CESTAT Allows Section 80P Deduction On Interest Received From Co-Operative Banks
1 year, 9 months ago

Cooperative Banks Qualified As Cooperative Societies : CESTAT Allows Section 80P Deduction On Interest Received From Co-Operative Banks

Live Law  

The Ahmedabad Bench of the Income Tax Appellate Tribunal has held that cooperative banks qualified as cooperative societies and the interest received from cooperative banks by the assessee in the present case qualified for deduction under section 80P of the Income Tax Act.The two-member bench of Madhumita Roy and Annapurna Gupta has observed. The Ahmedabad Bench of the Income Tax …

Order Income Interest Cooperative Cooperative Societies Banks Deduction
Appearance Of AR Not Enough For Presuming Service On Assessee Under S. 292BB Of ITA: Orissa High Court
1 year, 10 months ago

Appearance Of AR Not Enough For Presuming Service On Assessee Under S. 292BB Of ITA: Orissa High Court

Live Law  

The Orissa High Court has deprecated the Income Tax Authority who, despite being informed that the assessee was in judicial custody, failed to serve a notice upon him through the Superintendent of the concerned jail, in the proceedings initiated against the assessee under Section 263 of the Income Tax Act, 1961. The Court further ruled that appearance of the authorized …

Tax Court Custody Income Service Judicial High
Delay By State To Issue Necessary Certificates: ITAT Quashes Revision Order
1 year, 10 months ago

Delay By State To Issue Necessary Certificates: ITAT Quashes Revision Order

Live Law  

The Calcutta Bench of Income Tax Appellate Tribunal has quashed the revision proceedings initiated in the name of the deceased person.The revenue department acted quickly after receiving the legal heir certificate, according to the two-member bench of George Mathan and Arun Khodpia. The revenue department acted quickly after receiving the legal heir certificate, according to the two-member bench of George …

Death Legal Order Issue Issued Itat Heir
Tribunal Being Fact-Finding Body, Unless Perversity Shown, High Court Can’t Interfere: Calcutta High Court
1 year, 11 months ago

Tribunal Being Fact-Finding Body, Unless Perversity Shown, High Court Can’t Interfere: Calcutta High Court

Live Law  

The Calcutta High Court has held that unless and until the order passed by the Tribunal suffers from any perversity or ignores any vital fact in an appeal under Section 260A of the Income Tax Act, the Court is not expected to interfere with the order.The division bench of Justice T.S. The Calcutta High Court has held that unless and …

High Court Court Order Tribunal Assessee Calcutta High Court Pcit
Matter Which Is Not The Subject Matter Of Limited Scrutiny Cannot Be Raised In Revisionary Proceedings: ITAT
2 years ago

Matter Which Is Not The Subject Matter Of Limited Scrutiny Cannot Be Raised In Revisionary Proceedings: ITAT

Live Law  

The Chandigarh Bench of the Income Tax Appellate Tribunal has held that matters that were not subject to limited scrutiny cannot be raised in revisionary proceedings.The two-member bench of Diva Singh and Vikram Singh Yadav has observed that the matter relating to wages and labor expenses, which was not subject to limited scrutiny, cannot be raised. The Chandigarh Bench of …

Income Judicial Limited Matter Raised Itat Subject
Addition Made By AO Despite Issue Pending Before AAR; Assessment Order Not Void: ITAT
2 years, 3 months ago

Addition Made By AO Despite Issue Pending Before AAR; Assessment Order Not Void: ITAT

Live Law  

The Bangalore Bench of the Income Tax Appellate Tribunal has ruled that an assessment order passed by an Assessing Officer, deciding on an issue pending before the AAR, in contravention of the mandate laid down in Section 245R of the Income Tax Act, 1961, would not make the entire assessment order void. The Bench of N. V. Vasudevan and Chandra …

Tax Assessment Income Tax Order Income Tribunal Issue
Revisionary Order Invalid Due to Lack of DIN: ITAT
2 years, 4 months ago

Revisionary Order Invalid Due to Lack of DIN: ITAT

Live Law  

The Kolkata Income Tax Appellate Tribunal has declared the revisionary order passed by the CIT and deemed to have never been issued as it fails to mention Document Identification Number in its body by adhering to the CBDT circular. The two-member bench of Sanjay Garg and Girish Aggarwal observed that there was no reference to the fact that the order …

Kolkata Tax Income Issued Itat Assessee Ita
ITAT Holds Revisionary Order Passed Without Mentioning DIN As Invalid
2 years, 4 months ago

ITAT Holds Revisionary Order Passed Without Mentioning DIN As Invalid

Live Law  

The Kolkata Bench of the ITAT has quashed the revisionary order passed by the Income Tax Authority without quoting the Document Identification No. The Bench, consisting of Mr. Sanjay Garg and Mr. Girish Agrawal, held that since the order passed by the Income Tax Authority failed to mention the DIN in its body, therefore, the said order was "invalid and …

Tax Income Tax Order Income Department Passed Issued
Delhi High Court: Findings Of Fact Recorded By ITAT Not Perverse, Cannot Be Interfered Under Section 260A
2 years, 9 months ago

Delhi High Court: Findings Of Fact Recorded By ITAT Not Perverse, Cannot Be Interfered Under Section 260A

Live Law  

The Delhi High Court has ruled that in an appeal to the High Court under Section 260A of the Income Tax Act, 1961 there can be no interference with the finding of fact if it involves re-appreciation of the evidence. The counsel for the CIT before the Delhi High Court submitted that the ITAT had not considered the fact that …

Delhi Appeal Court Income Tax Delhi High Court Order Income