Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Dada Ganapati Gur Products Pvt. Ltd. v. PCIT (2021) 92 ITR 408 / 214 TTJ 908 (Hyd.)(Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Share capital issue of shares at premium-Addition on presumption-Revision was held to be not valid. [S. 56(2)(viib), R. 11UA(2)(b)]

Vinayaka Microns (India) P. Ltd. v. PCIT (2021)92 ITR 5 (SN) (Jaipur)(Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Valuation report from Merchant Banker-Fair market value higher than price at which shares issued-Order not erroneous. [S. 56(2)(viib), R. 11UA(2)]

Alfa Laval Lund Ab v. CIT(IT) (2021) 92 ITR 4 (SN) / (2022) 210 DTR 313 (Pune)(Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Revision based on proposal of Assessing Officer recommending a revision is illegal. [S. 143(3)]

Adihemshree Financial v. PCIT (2021)92 ITR 39 (SN) (Mum.)(Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Loss on trading of shares-Possible view-Revision is not valid-Audit objection-PCIT independently applying mind-Objection is not tenable. [S. 143(3)]

Royal Western India Turf Club v. PCIT (2021)92 ITR 624 (Mum.) (Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Reassessment-Revision in respect of issue not forming subject matter of reassessment-Revision order is barred by limitation. [S. 143(3), 147, 263 (2)]

Rameshwar Prasad Shringi v. PCIT (2021) 92 ITR 652 /(2022) 214 TTJ 257 / 214 DTR 369 (Jaipur) (Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Lack of enquiry-Cash deposits-Assessing Officer taking a reasonable view-Revision was held to be not valid. [S. 143(3)]

Karmae Garchen Trust v. JCIT (2021) 92 ITR 365 (2022) 209 DTR 361 (Chd.)(Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Limitation-No addition was made on the ground mentioned in recorded reasons-Limitation to be reckoned from date of original assessment. [S. 12AA(1)(b), 147, 148]

Bharatpur Royal Family Religious and Ceremonial Trust v. CIT(E) (2021)92 ITR 690 (Jaipur)(Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Repeal and savings Exemption was granted under Income-tax Act, 1922-Assessee must apply for registration under Income-tax Act 1962 to avail of exemption-Revision was held to be justified. [S. 11, 12, 12A, 12AA, 13, 297(2)(k), Indian Income-tax Act, 1922, S.4(3)(i)]

Ashok Kumar Bhavarlal v. ITO (2021) 92 ITR 137 (Bang.)(Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Order was passed on 29-9-2015-Period of limitation for revision till 31-3-2018-Date of dispatch of order to postal authority on 4-4-2018-Barred by limitation-Date of dispatch should be taken as date of order. [S. 54, 54F]

Annu Agrotech P. Ltd. v. PCIT (2021) 92 ITR 521 / 214 TTJ 1118 / (2022) 209 DTR 257 (Jaipur)(Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash credits-Share application money-Identity, creditworthiness of shareholders and genuineness of transactions established-Revision was held to be invalid. [S. 56(2)(viib), 68]