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

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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...

Assessment can't exceed prescribed Scope of "Limited Scrutiny" invoking Revisionary jurisdiction u/s...

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

Conditions of Invoking Revisional Jurisdiction u/s 263 Not Satisfied: ITAT deletes Proceedings...

SOP Issued by CBDT shall be followed while Making Addition in respect of Cash Deposits During...

No Demonstration as to How Order passed by AO is erroneous: ITAT quashes Revision Order [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Ahmedabad Bench quashed revision order on the ground that there was no demonstration as to how order passed by the Assessing Officer (AO) is erroneous. ...

Revisional Jurisdiction cannot be invoked to Initiate Penalty without finding that Assessment is Erroneous: ITAT [Read Order]

The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has held that the revisional jurisdiction of the Principal Commissioner of Income Tax (PCIT) under section 263 of the Income Tax Act, 1961...

Commissioner cannot invoke Revisional Jurisdiction to cancel Assessment: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench ruled that the Commissioner cannot invoke Revisional Jurisdiction to cancel Assessment. The assessee, Subbaraya Annamalai Siva Kumar paid...

Order Passed by AO does not Satisfy Twin Conditions of "Erroneous and Prejudicial to the Interest of the Revenue”: ITAT sets aside Pr. CIT's Order [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has recently, in an appeal filed before it, on finding that the order passed by the A.O. did not satisfy the twin conditions of "erroneous and...

Relief to Tata Medical Centre Trust: Revision Order without mentioning DIN is Void Ab-Initio, rules ITAT [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that a revision order passed under section 263 of the Income Tax Act, 1961 without mentioning the DIN number is invalid and...

Non-Imposition of Penalty is not a Valid Ground for Exercising Revisional Power: ITAT Ahmedabad [Read Order]

In a recent ruling, the Ahmedabad bench of the ITAT held that the Commissioner cannot exercise his revisional jurisdiction under section 263 of the Income Tax Act, 1961 merely on the ground that the...