If two views are possible and AO has adopted one view, CIT cannot presume that "it is prejudicial to the revenue"
MAMATHA DIVAKAR SHETTY vs. INCOME TAX OFFICER
(2021) 63 CCH 0074 HydTrib
Short Overview of the case:
The case pertains to the Re ...
Read More
Posts tagged "section-263"
Validity of revision under section 263 if no reference is made by AO to TPO as regards specified domestic transaction
Validity of revision under section 263 if no reference is made by AO to TPO as regards specified domestic transaction
Short Overview When clause (1) of section 92BA had been omitted by Finance Act, 2017, with effect from 1-7-2017 from ...
Read More
Deemed dividend under section 2(22)(e): Receipt of advance vis-a-vis no accumulated profit in case of lending company
Deemed dividend under section 2(22)(e): Receipt of advance vis-a-vis no accumulated profit in case of lending company
Short Overview Since accumulated loss in case of company having made advance to assessee-company was in negative, amount received as advance could not ...
Read More
Revision under section 263– Erroneous and prejudicial order–AO made proper enquiry
Om Art Prints v. CIT
Decision: In assessee's favour./p>
Revision under section 263--Erroneous and prejudicial order--AO made proper enquiry
Facts:
After the matter was remanded back by CIT to AO, AO examined the liability of assessee with regard to deduction of TDS on certain ...
Read More