Home Highlights February 2011 Year 2011 This

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1. Denial of Exemption u/s. 11 - non maintaining of separate ledger accounts - assessee is maintaining separate ledger for earning this income and also maintaining separate...

2. CENVAT credit - input services - investment cannot be classified as an activity and therefore separate accounts need not be maintained for such activities indulged by...

3. Disallowance u/s 14A - Assessee offered a suo-motto disallowance - By merely stating, that as the assessee was maintaining consolidated accounts, therefore, in the...

4. Deduction u/s 80lB - CIT(A) held that the assessee has not maintained separate books of accounts, it employed the same employees for manufacture of all products, there...

5. Cenvat credit - exempted and taxable services - In the absence of the Adjudicating Authority recording a clear finding that the assessee failed to maintain separate...

6. If the assessee has consistently treated the shares investment account as her investment for long-term purposes and has not shifted the stock in investment account to...

7. Penalty u/s 271AAB - undisclosed investment - the assessee is a salaried person who is not required to maintain any books of accounts and there is no mechanism to report...

8. Naming / Tagging of demat accounts maintained by Stock Brokers - all demat accounts maintained by stock brokers should be appropriately tagged - Circular

9. Deduction u/s 80IA - AO held that the assessee maintained consolidated figure of power generation unit and no separate and independent books of account was maintained by...

10. Dishonor of cheque due to account being frozen/blocked by order of IT department does not attract liability u/s 138 of Negotiable Instruments Act. For an offense u/s...

11. Seeking to lift attachment of Bank Accounts - recovery of dues payable by the Company - when it comes to recovering the dues from the company towards liability incurred...

12. Unexplained income - on money receipts - Peak addition - Once the business profit is determined at 8% of undisclosed receipts, then what is required to be seen is...

13. Penalty u/s 271A and u/s 271B - not maintaining books of account and for not getting the booking of account audited as provided u/s 44AB - Penalties levied u/s 271A for...

14. Provisional attachment of escrow bank account - shares of the petitioner / contractor - Joint Escrow account opened by the Principal - GST Evasion - we lift the...

15. Penalty u/s 271A - Non maintaining the books of account - Penalty u/s 271B - non-audit of books of accounts - It is clearly a case of impossibility of performance where...