S. 263: Guide To The Law On Revision Of Assessments
Section 263 of the Income-tax Act, 1961 confers wide powers on the Commissioner to revise any assessment which is "erroneous and prejudicial to the interests of the revenue". While the section is widely worded, Courts have read in a number of checks and balances to ensure that the said power is not abused by the Commissioner. The author has carefully analyzed the entire law on the subject and identified all the core legal principles.
A pdf copy of the Guide is available for download.
The Guide will prove invaluable as a ready-referencer of all the legal propositions and case laws on the subject.
Regards,
Editor,
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Latest:REI Agro Ltd vs. DCIT (ITAT Kolkata)
No s. 14A disallowance if satisfaction not recorded with reference to A/cs. Under Rule 8D(2)(ii) loans for specific business purposes cannot be included. Under Rule 8D(2)(ii) & (iii) investments which have not yielded income cannot be included
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