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

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Revisional Order by PCIT will be invalid if Original Reassessment order was not validly passed: Orissa HC [Read Order]

The Orissa High Court (HC) has held the revisional order by PCIT will be invalid if the original reassessment order was not validly passed. The...

Bombay HC quashes Re-Assessment Order passed u/s 263 of Income Tax Act [Read Order]

No Addition of Notional Income from Vacant Flats held as Stock-in-Trade by Builder: ITAT [Read...

Revisional Order against a Deceased Assessee is not valid: ITAT [Read Order]

Section 263 is not a Mechanism available for PCIT for taking Second Opinion: ITAT [Read Order]

Assessment Order Against Dead Person is Invalid: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the assessment order passed against the dead person would be invalid. The assessee is an individual, Mohammad Sharif...

Income Tax Deduction cannot be Disallowed due to Bonafide Mistake or Error on the part of the Taxpayer: ITAT [Read Order]

The Chandigarh Bench of Income Tax Appellate Tribunal (ITAT) ruled that Income Tax Deduction under section 80IC of Income Tax Act, 1961 cannot be disallowed due to the bonafide mistake or error on...

Genuine Claim of Loss of Documents due to Flood: ITAT Allows TDS Credit [Read Order]

The Surat bench of Income Tax Appellate Tribunal (ITAT) recently allowed Tax Deduction at source credit because the documents of assessee were lost due to flood. During the assessment...

A Solitary Opportunity of one day given to respond with Show Cause Notice is not valid: ITAT quashes Revisional Order [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal(ITAT)while quashing the revisional order held that a solitary opportunity of one day given to respond with show cause notice is not valid. M/s....

'Sympathy' Not A Ground to Condone Delay: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Jaipur bench has held that a huge delay in filing of income tax appeal cannot be condoned on mere ground of “sympathy” under the provisions of the Income Tax...

CIT cannot Assume Revisional Jurisdiction u/s 263 to Substitute his Subjective View in the Place of The AO' s Judicious View : ITAT

The Income Tax Appellate Tribunal ( ITAT ), New Delhi, has recently in an appeal filed before it by an assessee, held that the Commissioner Of Income Tax (CIT) cannot assume revisional jurisdiction...

CIT to Exercise Revisional Power u/s 263 only When AO's Order is Erroneous and Prejudicial to the Interest of the Revenue: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench, has recently, in an appeal filed before it, held that the Commissioner of Income Tax (CIT), shall exercise revisional power under section...

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