Tag Archives: Section 263

No Disallowance u/s 40(a)(ia) when books rejected and income estimated

By | July 31, 2016

IN THE ITAT KOLKATA BENCH ‘A’ Future Distributors v. Principal Commissioner of Income-tax, Kolkata P.M. JAGTAP, ACCOUNTANT MEMBER AND S.S. VISWANETHRA RAVI, JUDICIAL MEMBER IT APPEAL NO. 277 (KOL.) OF 2016 [ASSESSMENT YEAR 2010-2011] JULY  29, 2016 S.K. Tulsiyan, Advocate for the Appellant. Sachchidananda Srivastava, for the Respondent. ORDER P.M. Jagtap, Accountant Member – This… Read More »

No unfettered powers to CIT to revise every order u/s 263 as per new Explanation 2

By | June 23, 2016

Held  clause (a) of Explanation states that an order shall be deemed to be erroneous, if it has been passed without making enquiries or verification, which should have been made. In our considered view, this provision shall apply, if the order has been passed without making enquiries or verification which a reasonable and prudent officer… Read More »

Revisional Power after showing Assessement order erroenous and prejudicial to the interest of revenue

By | May 17, 2016

Mumbai ITAT on section 263 amendment by finance act, 2015 held “If that be the case, then the Ld Pr. CIT can find fault with each and every assessment order, without conducting any enquiry or verification in order to establish that the assessment order is not sustainable in law and order for revision; Definitely, that… Read More »

Damage awarded by Trial Court for Specific performance

By | August 24, 2015

Damage awarded by Trial Court for Specific performance Q  What is the Taxability of damage awarded by Trial Court for Specific performance  ? Section 4, read with section 263 of the Income-tax Act, 1961 Subject :  Changeability of Income received as  Damages Assessment year 1995-96 Assessee had entered into an oral agreement with ECL  to… Read More »

Oral partition of property not justified

By | August 22, 2015

Q; Can the Assessee claim that there was oral partition of Property and hence capital gains should be apportioned among the members ? Assessee filed his return of income declaring certain capital gains apportioned amongst himself and his three sons stating that there was an oral partition  Assessing Officer completed assessment accepting income declared by… Read More »