S.263 : Commissioner – Revision of orders prejudicial to revenue – Short term capital loss – Section 263 cannot be used just because the PCIT holds a different view – No finding of lack of enquiry or perversity in AO’s conclusion- Reaffirmed that revisional jurisdiction cannot substitute AO’s discretion where AO acted judiciously.[ S. 143(3) ]

S. 263: Commissioner – Revision of orders prejudicial to revenue – Since all necessary verification and examination of documents in reasonable manner was done, the assessment order cannot be called erroneous and prejudicial within the meaning of s. 263, Expln. 2- Revision order is set aside . [ S. 143(3) , 147 , 148 ]

S. 251: Appeal – Commissioner (Appeals) – Powers – CIT(A) did not give opportunity to assessee for hearing – Held, CIT(A) does not have power to dismiss appeal summarily without going on merits – matter back to NFAC for de novo consideration. [ S. 250, 251(1)(a) , 251(2) ]

S. 251: Appeal – Commissioner (Appeals) – Powers – CIT (A) has wide powers akin to reassessment authority and must ensure thorough adjudication while deleting additions made by AO- Matter remanded back to AO to conduct fresh enquiries .[ S. 250 ]

S. 244A : Refunds – Interest on refunds – Refund to be adjusted first from the outstanding interest and thereafter the principal amount.[ S. 140A, 220 ]

S.199: Deduction of tax at source – Credit for tax deducted – Sale of jointly owned immovable property – The property was jointly owned, and the capital gain was shared equally between the spouses cannot be the sole reason for disallowing the TDS credit.[ Form No .26AS ]

S. 199: Deduction of tax at source – Credit for tax deducted – Cancellation of agreement – The contract was terminated, the income did not accrue, and the advance was refunded- Entitled to claim a refund of the TDS deducted on the advance paid by the party. [R. 37BA(3), Art. 265 ]

S. 194A: Deduction of tax at source – Interest other than interest on securities – Assessee in default – Reimbursement of interest to Group Company – Not liable to deduct TDS by the Assessee- Levy of interest is deleted . [ S. 201(1), 201(IA )]

S.156A: Modification and revision of notice in certain cases -Demand and recovery – Since the resolution plan has yet to be finalized, remanding the appeal to the AO is necessary- The AO will take the required steps before the NCLT in compliance with s.156A and the IBC provisions. [S. 156 , 178 , Insolvency and Bankruptcy Code, 2016, S. 14 ]

S. 154 : Rectification of mistake -Mistake apparent from the record – Tax deducted at source – Rectification proposing withdrawal of refund of tax deducted at source – Rectification order is not valid .[ S. 143(1) ]