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DATE: November 18, 2014 (Date of pronouncement)
DATE: December 1, 2014 (Date of publication)
AY: 1999-00
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CITATION:
S. 263: Failure to conduct inquiry & hear assessee before issue of notice renders proceedings invalid. Order of CIT(A) results in merger of AO's order and bars s. 263 revision

It is clear that the assessee and the revenue both had preferred the appeals raising all the grounds, over and above the ground of deduction under Section 80HHC and 80IA of the Act, the order of the AO stood merged …

Bilag Industries Pvt. Ltd vs. CIT (Gujarat High Court) Read More »

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DATE: September 19, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
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Creation of shell companies and subscribing for shares at high premium constitutes tax evasion by money laundering. It is a case of clear human ingenuinity with the clear and contumacious intention to defraud the revenue

(i) The first question comes to our mind is as to why this hurry in completing the reassessment proceedings especially when substantial time is still available and detailed inquiry is expected. Normally, once reopening is done by issuance of notice …

Bisakha Sales Pvt. Ltd vs. CIT (ITAT Kolkata) Read More »

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DATE: September 25, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 2010-11
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CITATION:
Entire law on s. 263 revision explained

It is trite that an order can be revised only and only if twin conditions of ‘error in the order’ and ‘prejudice caused to the Revenue’ co-exist. The subject of ‘revision under section 263’ has been vastly examined and analyzed …

M/s Meditech vs. JCIT (ITAT Jodhpur) Read More »

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DATE: September 12, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: 2003-04
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CITATION:
Creation of a reserve was sufficient to entitle the assessee to claim the benefit u/s 36(1)(viii) and the assessee was not obliged to maintain the said reserve

This court held in the matter of Grasim Industries Ltd. (supra) that the condition precedent to the exercise of jurisdiction under section 263 was that the order sought to be revised must be erroneous insofar as it was prejudicial to …

CIT vs. LIC Housing Finance Ltd (Bombay High Court) Read More »