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

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Income Tax Deduction u/s 80IB and 80HHC Can Be Computed Independently Without Exceeding Eligible Profits: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, set aside revision proceedings under Section 263 of the Income Tax Act after holding that...

Section 263 Powers Cannot Be Invoked When AO Made Inquiries and Taken a Plausible View: Bombay HC...

Agricultural Income Supported by Revenue Records and Bank Receipts Cannot Justify Revision: ITAT...

Revision u/s 263 Unsustainable Where Discrepancy Between GST Portal Data and Assessment Records...

Gujarat HC Quashes Income Tax Dept's Revision Notice, Holds Assessing Officer's Decision Based on...

Supreme Court Dismisses Revenue’s SLP Against Delhi HC Order in Vetco Gray Case [Read Order]

The Supreme Court has dismissed a Special Leave Petition filed by the Revenue against a judgment of the Delhi High Court which had rejected an appeal arising from revisionary proceedings under...

AO Fails to Properly Enquire Year-End Provisions, TDS on Dealer Discounts: ITAT upholds Revision Order in Bajaj Auto Matter [Read Order]

In a recent ruling IncomeTax Appellate Tribunal (ITAT) upheld a revision order under Section 263 of theIncome Tax Act, 1961, in the case of Bajaj Auto Ltd., holding that the Assessing Officer had...

No Exclusion of DEPB from Gross Profit while Calculating Business Income: ITAT strikes down ₹2.55 Cr Addition [Read Order]

The Income Tax Appellate Tribunal, Mumbai Bench held that Duty Entitlement PassBook (DEPB) benefits cannot be excluded from gross profit while estimating business income, thereby quashing an...

Revision of Assessment Order u/s 263 Not Valid for "Notional Interest" recognized under IND-AS: ITAT Limits Reassessment to Stock Valuation Issue

In a recent ruling on the scope of revisionary jurisdiction under Section 263 of the Income Tax Act, 1961, the Chandigarh Bench of the Income Tax Appellate Tribunal has partly upheld the order of...

Income Tax Appellate Tribunal Cannot Sustain Tax Revision Order on Grounds Not Raised by Commissioner: Kerala HC [Read Order]

The Kerala High Court has ruled that the Income Tax Appellate Tribunal (ITAT) overstepped its jurisdiction by sustaining a tax revision order on grounds not originally raised by the Commissioner. ...

No Error in Assessment as AO Examined All Expenses and Made Due Inquiry: Allahabad HC Upholds ITAT Order [Read Order]

The Pr Commissioner Of Income Tax-1 vs Anjali SinghalThe Allahabad High Court has upheld the Income Tax Appellate Tribunal’s (ITAT) decision, holding that there was no error in the assessment as...

ESOP Cost Rightly Allowed as Business Expenditure: ITAT Sets Aside PCIT Order against Nuvama Wealth after Finding Proper AO Inquiry [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has set aside the revisional order passed by the Principal Commissioner of Income Tax (PCIT) under section 263 of the Income Tax Act,1961,...