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

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Power of Attorney should be verified in Sale of an Inherent Property: ITAT sets aside the Assessment Order [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that the power of attorney should be verified in the sale of an inherent property....

ITAT upholds Addition made on 5% Estimate basis on Bogus Purchase [Read Order]

No Revisional order can be Framed u/s 263 of Income Tax Act by CIT(A) in the Name of a Non-Exsiting...

ITAT Upholds Revisionary Order by AO on ground of Twin Satisfaction Envisaged u/s 263 of Income Tax...

Cash Deposit made in Savings Bank account is Sale Consideration earned from Agricultural Land: ITAT...

ITAT quashes Revision Order Passed u/s 263 of Income Tax Act without Providing Sufficient Time for File Material Evidence and Documents [Read Order]

The Surat bench of the Income Tax Appellate Tribunal (ITAT) has quashed the revision order passed under section 263 of the Income Tax Act, 1961 without providing sufficient...

PCIT wrongly invokes Revisionary Powers u/s 263 of IT Act on order issued by AO with Sufficient Enquiry: ITAT revives Assessment Order [Read Order]

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) recently revived the assessment order and held that it was not justified for the PCIT to invoke the revisionary powers under Section...

Twin Prerequisites not followed for Invocation of Revisional Powers u/s 263 of IT Act: ITAT quashes Order

The New Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that no twin prerequisites for invocation of revisional powers under Section 263 of the Income Tax Act, 1961. M/s. Havells...

Matters Pending Before CIT(A) for Adjudication cannot be Disputed in Proceedings u/s 263: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Rajkot Bench, has recently, in an appeal filed before it, held that matters pending before the CIT(A) for adjudication cannot be disputed in the proceedings...

Expenditure Claimed on account of Forward Premium relating to Forward Contracts in respect of Foreign Currency Loans are Capital Expenditure: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has recently held that expenditure claimed on account of forward premium relating to forward contracts in respect of foreign currency...

Income Earned by NRI outside India Exempted even if Paid into NRE Account in India: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the income earned by a Non-Resident Indian outside India is exempted from tax even if the same was paid into the Non-Resident...

Revision u/s 263 can be Invoked When the Assessment was Completed without Proper Enquiry: ITAT [Read Order]

The Pune Bench of Income Tax Appellate Tribunal (ITAT) has held that the revisional jurisdiction conferred under Section 263 of the Income Tax Act could be invoked even when the assessment order was...

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