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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 […]
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. […]
Amendments to the Income Tax Act, 2025 has been proposed under the Union Budget 2026, allowing the taxpayers to submit the updated ITRs even after the issuance of reassessment notices. At present, taxpayers u/s 263(6) of the Act to submit an updated return within 48 months from the end of the fiscal year succeeding the […]
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 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 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 […]
The Chandigarh bench of the Income Tax Appellate Tribunal (ITAT), Section 263 of the Income Tax Act, 1961, which authorizes the Principal Commissioner of Income Tax (PCIT) to modify assessments, cannot be invoked based on an audit objection. The taxpayer Vaneet Gupta, in March 2018, was provided an income tax notice under section 148 asking […]
