Home Highlights December 2016 Year 2016 This

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1. Proof of smuggling of goods - DW.1 (revenue officer) stated in evidence that it was suspected that articles were smuggled and that it was believed that the articles were...

2. Addition u/s 69A - cash balance on account of withdrawal from different bank accounts - The mere fact of holding cash for a longer period was not a sufficient ground for...

3. Addition u/s.69 or 68 - assessee has paid on-money towards purchase of property to the seller - The assessee is only owner of 1/3rd share in the property purchased. -...

4. Penalty u/s 271(1)(b) - assessee did not comply with the notice issued u/s 142(1) of the Act requiring the assessee to furnish certain information - Neither the AO nor...

5. 100% EOU - Clandestine removal - case of the department is on the ground that deemed export clearance were not genuine and were shown only on paper - The entire case of...

6. Penalty u/s 271(1)(b) - non compliance of notices u/s 142(1) - the AO was not having the present address of the assessee - when the notice issued u/s 142(1) was not...

7. Estimating the income of the assessee @ 8% on the sub-contract turnover - On verifying the paper book of the assessee running to 32 pages, we do not find any concrete...

8. Addition u/s 68 - Unexplained cash deposits - statement of the assessee admitting the income at the time of survey - subsequent retraction made by assessee - it is not...

9. Exemption u/s 11 - Application of provisions of "Accumulation of income" for Notional Income (Rent) - the assessee has violated the provisions of section 13(1)(c) r.w.s....

10. Area based exemption - Ready Mix Concrete - it is clear that the assessee’s product i.e. Ready Mix Concrete (RMC) is not eligible for exemption - However, there is...

11. Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

12. Penalty u/s 271(1)(c) - failure on the part of legal heir of the deceased assessee to explain the source of part of the deposits - The mere failure on the part of the...

13. Penalty u/s. 271(1)(b) - assessee failed to give reasons for non-compliance of statutory notice u/s. 142(1) - till the disposal of appeal by the CIT(A) the assessee...

14. Retraction of statement given during survey - evidentiary value of statement recorded u/s 131 - Despite the retraction, the initial findings of the CIT(A) were largely...

15. Unexplained investments - There is no positive and credible evidence brought on record by the revenue to establish the allegation of cash payment over and above the...