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The revisional power under Section 263 of the Income Tax Act cannot be invoked when the Assessing Officer (AO) allows a deduction under Section 32AC after a proper inquiry, the Kerala High Court stated. Justices A. Muhamed Mustaque and Harisankar V. Menon cited that only for the reason that AO extended the deduction claimed after […]
The Kerala High Court ruled that Section 263 of the Income Tax Act, 1961, can be invoked where the Assessing Officer (AO) is not able to address the main issue in the assessment order. The bench stated that the problem does not appear to have been addressed by the assessing authority when issuing an order […]
The Kerala High Court addressed an income tax appeal for the nature of an order passed by the Commissioner of Income Tax under section 263 of the Income Tax Act. The taxpayer, Malabar Institute of Medical Sciences Ltd., contested the Income Tax Appellate Tribunal’s (ITAT) decision, which had dismissed their appeal against a revised assessment […]
The case of Rakesh Saxena vs. PCIT before the ITAT Ahmedabad concerns a dispute over the tax treatment of Voluntary Retirement Scheme (VRS) benefits received by the taxpayer, a former employee of GE Power India Ltd. The Principal Commissioner of Income Tax (PCIT) has initiated revision proceedings u/s 263 of the Income Tax Act, 1961 […]
It was determined that the Principal Commissioner of Income Tax (PCIT) did not have the authority to gather the revisionary requirements of Section 263 of the Income Tax Act, 1961, as determined by the Delhi Bench of the Income Tax Appellate Tribunal (ITAT). Therefore, the order for reassessment for the Assessment Year 2016-17 was overturned. […]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled that Section 147 is not an option to Section 263 and suppresses assessment order u/s 147 with no jurisdiction. The petitioner, M/s. Plaza Cable Industries Ltd. furnished its ITR showing a loss of Rs.7,06,97,714 and the assessment was chosen for the investigation. Beneath section 143(3) […]
The Karnataka High Court in Hindustan Construction Company Ltd. v. Union of India, decided in Writ Petition No. 22377 of 2022, analysed whether bona fide errors committed by the taxpayer at the time of filing GSTR-3B returns can explain the initiation of the proceedings u/s 73 of the CGST/KGST Act. The case was heard and […]
The Calcutta High Court ruled that tax officers do not have the power under the Goods and Services Tax (GST) Act to seal or take away cash. As a result, the court ordered that Rs. 24 lakhs should be released immediately. Tax authorities are granted authority under Section 67 of the Central Goods and Services […]
The Ahmedabad ITAT set aside a partially passed order under section 263 of the IT Act, 1961, where the Principal Commissioner of Income Tax improperly mandated the inclusion of accommodation entries without adequate verification. Sunil Poonamchand Saraf, applicant, furnished an appeal against the order passed by the PCIT, Ahmedabad-1, for the AY 2013-14. Originally, the […]
