plz solve my queries

This query is : Resolved

C.A. LINESH PATIL (Querist)
Follow

28 September 2010 1.what is the meaning of subject matter of appeal.

2.can some one tell me what is the difference between in cases under section 263 & 264 which cant be revised by CIT

Thanks in advance
also i have posted some more queries regarding various issues plz solve these i will be so obliged to u

venkatraman shrinivas

venkatraman shrinivas (Expert)
Follow

29 September 2010 Subject mater of appeal is issues that are contested in appeal. to illustrate if in a case deduction under section 80IB has been disallowed, by he assessing Officer and it is contested in appeal, the subject matter of apepal is the disallowance of exemption under section 80IB.

As regards revision under section 263, he Commissioner of Income-ax may on his own motion revise any asessment made by any assessing Officer, if h considers hat he action of the assessing Officer in making trhe assessment in a particular manner is prejudicial to the revenue, then he can suo motu call for the records from the assessing Officer and revise the assessment. Or conversely he finds that a particular issue has not been dealt with in the manner i merited which has caused prejudice to revenue, he can revise he assessment confining to the particular issue. He can either set it right or direct the AO to revise it. The time limit available for such revision by the commissioner is two years from he end of he financial year in which the impugned assessment was made.

As regards revision under section 264, it is at the instance of the assessee, in a situation where he finds that the assessing Officer has overlooked certain factual or legal issues, he basis for which exists on record or he had omitted to make certain claims in the return or during he course of assessment.But one condition is hat the assessee should waive the right of appeal and it is the discretion of the Commissioner to reject or entertain the petition. If he rejects i is final for ever and there is no provision in law for any further appeal. On the other hand a revision order passed by the Commissioner can be challenged on appeal before the Tribunal. The time limit available for filing a revision under section 264 is just one year from the date of assessment oder.It is always advisable not to resort to revision under section 264, unless one is certain that the relief sought for would be dfinitely granted.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Leena

Soumitra Patra

Anirudh Sharma

Mahasweta Deb

Michael & Co.

Subscribe Now

plz solve my queries

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA