S. 263 : Commissioner-Revision of orders prejudicial to revenue-Short term capital gain-Accommodation entries-Penny stock-Plausible view-Revision is not valid [S. 45]
Mohsin Zulfikar Koradia v. PCIT (2022)100 ITR 25 (SN)(Ahd) (Trib)
Digest of case laws
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This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Click here to download the pdf versions of the Digest of case laws S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Joint ownership-Revision is held to be not valid. [S. 54F]
Renu Poddar (Smt.) v. PCIT (2022) 100 ITR 602 (Jaipur)(Trib)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Real estate business-Interest debited to profit and loss account included in capital work-in-progress-Project completion method [S. 145]
Rushabhdev Infra Project Pvt. Ltd. v. PCIT (2022)100 ITR 625 (Ahd)(Trib)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Depreciation-Asset financing-Operating lease and Finance Lease-Entitle to depreciation-Excess interest-Rule of consistency-Revision was quashed. [S. 2(28A), 32]
Poonawalla Fincorp Ltd. v. PCIT (2022)100 ITR 151 (Kol) (Trib)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Assessing Officer applying his mind and taking possible view-Revision order was quashed. [S.56(2)(vii), 92E, 92F]
Kalyan Buildmart Pvt. Ltd. v. PCIT (2022)100 ITR 642 ((Jaipur) (Trib)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Long-term capital gains-Assessing Officer applied his mind in the course of assessment proceedings-Revision was not valid. [S. 45, 143(3)]
Hindustan Sales Industrial Corporation v. PCIT (2022)100 ITR 126 (Jaipur) (Trib)S. 263 : Commissioner-Revision of orders prejudicial to revenue Speculation business-Loss-Set Off-Issue decided by Tribunal in Assessment Year 2013-14-Cannot be taken up by Principal Commissioner in revision for the Assessment Year 2014-15. [S. 73]
F. G. Investments Pvt. Ltd. v. PCIT (2022)100 ITR 17 (Cochin) (Trib)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Transfer-Joint Development agreement deed-Deed stamped at fixed value and not regarded as transfer or conveyance of property-Mere registration of agreement and payment of stamp duty cannot attract provision of section 43CA-Revision order was quashed [S. 2(47) 43CA, 50C].
Emporis Properties Pvt. Ltd. v. PCIT (2022) 100 ITR 1 (Kol)(Trib)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Real estate business-Income from undisclosed sources-Survey-Unrecorded income-Additional income was business income-Income cannot be assessed under section 115BBE of the Act. [S. 68, 69A, 115BBE, 131]
Rekha Shekhawat (Smt.) v. PCIT (2022) 219 TTJ 761 / 218 DTR 161/ 99 ITR 69 (Jaipur)(Trib)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Payments in cash in excess of prescribed limit-Jewellery business-Exchange of old gold jewellery-No actual transaction of payment of cash for making purchases exceeding limit-No independent enquiry conducted by Principal Commissioner-Revision order was quashed. [S. 40A(3), 143(3)]
Radheyshyam Gupta v. PCIT (2022) 99 ITR 682 (Kol) (Trib)