Delhi ITAT quashes Section 263 revisionary order for “inadequate enquiry” The Delhi Bench ‘B’ of the Income Tax Appellate Tribunal (ITAT) on 14 May held that revisionary powers under Section 263 of the Income-tax Act, 1961 cannot be invoked merely because the Assessing Officer failed to examine or initiate penalty proceedings relating to Section 269T…
ITAT Rules No Fresh 143(2) Notice Needed After Section 263 Revision The assessee, M/s. G Corp Pvt. Limited, engaged in real estate development, filed its return declaring a loss. The original assessment under Section 143(3) was completed, determining income after certain disallowances. Subsequently, the Principal Commissioner of Income Tax invoked revisionary powers under Section 263,…
ITAT Quashes Revision in Demonetisation Cash Deposit Case; No ‘Lack of Inquiry’ Found Sikka Infrastructure Pvt. Ltd. filed its return for AY 2017-18 declaring NIL income. The original assessment under Section 143(3) was completed without additions. The case was later reopened under Section 148 due to cash deposits of Rs. 2.06 crore during demonetisation. In…
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