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

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No Error in AO’s Order, Interest Deduction u/s 24(b) on Property Loan Valid: ITAT overturns PCIT’s Order [Read Order]

Franklin Joshva

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has set aside the revisionary order passed by the Principal Commissioner of Income Tax...

Disclosure alone Insufficient to Escape Applicability of Section 69A: ITAT [Read Order]

ITAT upholds Revision on AO's Lapses in Verifying TDS on Rent and Unsecured Loans [Read Order]

Accommodation Entry Transactions: ITAT quashes Revision Order upholding Plausible View by AO [Read...

Relief for Adani Power: ITAT Invalidates Revision Order Passed Against Non-Existent Entity [Read...

An analysis of key ITAT (Income Tax Appellate Tribunal) rulings

A number of landmark decisions under the Direct Tax Laws redefined legal interpretations and procedural frameworks, ushering in a new age of taxation in India. From exemptions, procedural...

Steel Scrap or Tax Trap? ITAT Slams PCIT’s Overreach in Ahmedabad Bizman’s Case [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad, overturned a revision order by the Principal Commissioner of Income Tax (PCIT) against Vivaa Tradecom Pvt. Ltd., ruling that the tax authority...

ITAT Partly Sets Aside Order u/s 263 for Improper Mandatory Direction to Add Accommodation Entries [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) Ahmedabad has partly set aside an order passed under Section 263 of the Income Tax Act, 1961, where the Principal Commissioner of Income Tax ( PCIT )...

ITAT Rules in Favor of NSE: Rs 170 Crore SGF Contribution Allowable as Business Expense [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench has allowed the appeal filed by National Stock Exchange of India (NSE) against the revisionary order passed by the Principal Commissioner of...

ITAT Quashes PCIT’s Order u/s 263 for Relying on Audit Objection [Read Order]

The Chandigarh bench of the Income Tax Appellate Tribunal (ITAT) held that Section 263 of the Income Tax Act, 1961, which empowers the Principal Commissioner of Income Tax (PCIT) to revise...

PCIT revises AO's order citing trade receivable transfer during amalgamation: ITAT rules PCIT misconceived on facts [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) quashed the Principal Commissioner of Income Tax (PCIT)’s order passed under Section 263 of the Income Tax Act, 1961. Rochem Separation...

Incorrect Exemption on LIC Annuity from VRS: ITAT Upholds Revision u/s 263 of Income Tax Act [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal upheld the Principal Commissioner of Income Tax(PCIT)revision order under Section 263 of Income Tax Act,1961, confirming that the exemption claim...