Read all Latest Updates on and about section 263 of the Income Tax Act 1961

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ITAT sets aside PCIT Order on Revenue Recognition, Holds No Revenue Prejudice as Income Declared in Subsequent Years [Read Order]

Akhaigha T Josh

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) set aside an order passed by the Principal Commissioner of Income Tax (PCIT) under...

ITAT allows Withdrawal of Appeal Due to Lack of Objection from Department [Read Order]

Substitution of Legally Sustainable View taken by AO u/s 263 Revision Proceedings Invalid: ITAT...

Limitation u/s 263 of Ties to Original Assessment Order when Reassessment Order is Distinct and...

Inadequate enquiry u/S 263 of Income Tax Act is not sustainable: Delhi HC dismisses appeal [Read...

Assessment Order passed after thorough Scrutiny by AO: ITAT sets aside Order [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) set aside the order of the Commissioner of Income Tax ( Exemption ) [CIT(E)] assessment order passed under section 263 of the Income...

Order passed Invoking S. 263 without Satisfying Twin Condition is Invalid: Delhi HC [Read Order]

The Delhi High Court has held that an order passed invoking section 263 of the Income Tax Act, 1961 without satisfying twin condition is invalid. The conditions are that the order of the AO should be...

Revisionary Order passed u/s 263 in Name of Non-Existent Entity is Void Ab-Initio and can't give rise to any Valid Collateral Proceeding: ITAT [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that the revisionary order passed under Section 263 of the Income Tax Act, 1961 in the name of a non-existent entity is void ab...

Every Loss of revenue as a consequence of an order of Assessing Officer cannot be treated as Prejudicial to Interest of Revenue: ITAT quashes Revision Order passed against Depreciation claimed on New Assets

The Income Tax Appellate Tribunal (ITAT), Surat bench, quashed the revision order passed under section 263 of the Income Tax Act, 1961, without following the natural justice principle in respect of...

Assessment Order passed without Proper Examination of Evidence shall be erroneous and prejudicial to Interest of Revenue: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that the assessment order passed without proper examination of evidence shall be erroneous and prejudicial to the interest of the...

Assessment can't exceed prescribed Scope of "Limited Scrutiny" invoking Revisionary jurisdiction u/s 263 of Income Tax Act: ITAT [Read Order]

The Pune bench of the Income Tax Appellate Tribunal (ITAT) held that the assessment cannot exceed the prescribed scope of the limited scrutiny invoking the revisionary jurisdiction under Section 263...

Sales Reversal Entry is not Unexplained Expenditure: ITAT quashes Revision Proceedings [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT), quashed revision proceedings under Section 263 of the Income Tax Act, 1961 and held that the sales reversal entry is not unexplained...