Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Barclays Bank PLC v. CIT (IT) (2022) 215 TTJ 965 /212 DTR 33 / 139 taxmann.com 503 (Mum)(Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Dispute Resolution Panel-Order passed by the Assessing Officer passed order in accordance with directions issued by DRP, same cannot be revised by Commissioner. [S. 144C(13)]

Dr. R. Sridhar v. PCIT (2022) 97 ITR 71 (SN) (Bang)(Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Sale of Shares-Capital Gains-Deduction towards indemnity claim and Ex gratia claim of employees not allowable-Jurisdiction rightly invoked-Assessing Officer to examine matter afresh uninfluenced by observations of Principal Commissioner.[S. 37(1), 143(3)]

Harish H. Gandhi v. ACIT (2022)97 ITR 24 (SN) (Mum) (Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-A.O. satisfied with sale consideration after perusal of all documents-Circle rate less than sale consideration in all flats except one-Additions made to the extent of one flat-Not a case where enquiry not made-revision not justified. [S. 43CA]

Gujarat Fisheries Central Co-Operative Association Ltd. v. PCIT (2022)97 ITR 9 (SN)(Ahd) (Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Deduction for interest on deposits kept with banks allowed-Revision justified. [S.80P].

GFL LTD. v. PCIT (2022)97 ITR 11 (SN) (Ahd) (Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Rate of depreciation-Windmills installation-Change of law-Windmill installed on or before 31-02-2023-Eligible for 80% of depreciation-Revision is not valid. [S. 32]

Dhanalakshmi Mills Ltd v. Dy.CIT (2022)97 ITR 77 (SN) (Chennai) (Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Difference between sale consideration of property and guideline value of property on date of registration-Revision justified. [S. 45, 50C]

TCG Lifesciences Pvt. Ltd. v. PCIT (2022)100 ITR 52 (SN)(Kol.) (Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Transfer Pricing adjustment-Addition was deleted by Tribunal-Capitalisation of Foreign Exchange fluctuation loss on long-term foreign currency Loan taken for capital expenditure-Revision is not valid [S.43A 92C 143(3)]

Shivam Developers v. PCIT (2022)100 ITR 29 (SN) (Surat) (Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Undisclosed money-Firm-Remuneration to partners-On money-Survey-Declaration-Deduction allowed-Revision is not valid.[S.37,40(b),69A,115BBE]

S. U. Enterprise v. PCIT (2022)100 ITR 27 (SN)(Surat) (Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Provision for expenses-Method of accounting-Issue was examined by the Assessing Officer-Revision is not valid. [S. 37, 143(3) 145]

Pavan Kandkur v. PCIT (2022)100 ITR 47 (SN)(Bang) (Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash deposits-Demonetisation period-Withdrawal of appeal and issue settled under Direct Tax Vivad Se Vishwas Act, 2020-Revision is not valid. [S. 68, 143(2) Direct Tax Vivad Se Vishwas Act, 2020, S. 5(3), 8]