S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Investment of gains in residential house within time specified-Purchase of land with intention of constructing house-Time of three years from date of transfer of original asset allowed-Revision on ground that purchase was beyond two years allowed for purchase of house is not proper.[S. 45, 54F, 143(3)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Short-term capital loss-Unquoted equity shares-Valuation of market value is not in accordance with Rule11UA(1)(c)-Control and management of companies are with related parties-Transactions are not at arm’s length-Revision is justified. [S. 263, Explanation 2, R.11UA(1), Companies Act, 2013, S. 53]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Merely because explanations and documents not filed before Assessing Officer during assessment proceedings-Revision is not valid.

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Assessing Officer has properly verified issues during original assessment-Expenditure on exempt income-Query raised in the course of assessment proceedings-Reply filed-Employment of new employees-In continuation of earlier years-Revision is not valid-Revision order is quashed-Revision on issue not included in notice-Revision is beyond scope of notice and not permissible. [S. 14A,80JJA, 143(3), R.8D]]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Revision Lease equalisation charges-Method of accounting-Following Accounting Standard-19 in respect of rent and lease charges paid-Debiting lease equalisation charges to profit and loss account, but adding it back to total income-Assessing Officer carrying out required enquiries-Assessment order is not erroneous and prejudicial to revenue.[S. 145, Accounting Standard-19]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Discrepancy in sales promotion expenses-Clarified by assessee-Plausible view after relevant inquiries-Revision is not valid.[S.37(1), 143(3), Explanation 2 to S. 263]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Survey-Surrender letter-Business income-No findings were recorded by the Principal Commissioner how the deeming provisions were applicable and the order passed by the Assessing Officer was erroneous-Survey operation at business premises alone cannot be basis for revision.[S.68, 699, 69B, 69C 69D, 115BBE, 133A]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash deposits-Demonetisation-Sales-Retail sale of petroleum products, customer-specific records not practicable-Assessing Officer having discretion in examination of transactions and level of inquiry-Audit report available for download and examination-Assessing Officer’s choice not to download and file copy for record not prejudicial to interests of revenue-Order is not erroneous-Cash gift from mother-Failure to explain the source-Creditors-Confirmations incomplete and deficient PCIT is justified in setting aside assessment order.[S. 68, 147 148]

S. 253 : Appellate Tribunal-Appeals-Penalty-Concealment-Fess payable is only Rs.500-Paid Rs.10,000-Registry is directed to refund of Rs.9500. [S. 253(6)(d), 254(1), 271(1)(c)]

S. 250 : Appeal-Commissioner (Appeals)-Procedure-Best judgement assessment-Dismissed ex-parte-Matter restored to Assessing Officer for assessment afresh. [S. 144, 147, Form No 26AS.]