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Section 263 of Income...

Bombay HC upholds ITAT Order quashing Revision by PCIT, rules in Favour of Gehna Jewellers despite Non-Furnishing of Carat Wise Details [Read Order]

Manu Sharma

The Bombay High Court dismissed the Revenue’s appeal against the Income Tax Appellate Tribunal’s order that set aside the Principal Commissioner of...

S.263 of Income Tax Act Can Be Invoked Only in Cases of ‘Lack of Inquiry,’ Not Merely for Inadequate...

Free Equipment from Group Companies Taxable as Perquisite u/s 28(iv): ITAT Upholds PCIT's Revision...

In Absence of Concrete Material Revision u/s 263 of Income Tax Act Not Possible on Assessment Based...

Deduction on CSR Donations u/s 80G: ITAT Quashes Revision as AO Verifies Donations to Eligible...

ITAT upholds invocation of revisional jurisdiction u/s 263 by PCIT: Twin Conditions of “Error” and “Prejudice to the Interest of Revenue” Satisfied [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently upheld the invocation of revisional jurisdiction under Section 263 of the Income Tax Act, 1961 by the Principal Commissioner of...

Discrepancy in Net Profit Figures: ITAT Quashes Pr. CIT’s Revision Order due to Prior AO Inquiry [Read Order]

The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) quashed the revision order passed by the Principal Commissioner of Income Tax (Pr. CIT) under Section 263, citing that the Assessing...

Assessment Invalid due to Defective Satisfaction Note: ITAT Sets Aside PCIT’s Revisionary Order [Read Order]

The Pune Bench of Income Tax Appellate Tribunal(ITAT) set aside the Principal Commissioner of Income Tax’s (PCIT) revisionary order under Section 263 of Income Tax Act,1961 ruling that the assessment...

ITAT Quashes PCIT's Revision u/s 263, Finds AO Conducted Proper Verification of Investment and ESI Payments [Read Order]

The Jaipur Bench of Income Tax Appellate Tribunal(ITAT) quashed the Principal Commissioner of Income Tax(PCIT)’s revision order under Section 263 of Income Tax Act,1961, holding that the Assessing...

Income Tax Annual Digest 2024: ITAT Cases [Part 2]

This annual round-up analytically summarizes all the Income Tax related Orders of the Income Tax Appellate Tribunal ( ITAT ) Benches of India reported at Taxscan.in during 2024. Consideration from...

Exchange Gain can be Adjusted from Total Income by Reducing it from Block of Assets u/s 43A and ICDS: ITAT [Read Order]

The Surat Bench of the Income Tax Appellate Tribunal ( ITAT ) held that exchange gain can be adjusted from total income by reducing it from the block of assets under section 43A of the Income Tax Act...

ITAT Weekly Round-Up

ITAT invalidates PCIT’s S.263 Revision Order Issued in Deceased Taxpayer’s Name Due to Procedural Lapses [Read Order] Gitesh Chandulal Patel vs Principal Commissioner of Income-tax-3 CITATION: 2024...