Home Highlights May 2013 Year 2013 This

You may also like:

1. Deduction u/s 80IC - AO has held that the profits are not matching with the consumption of the electricity at the said Unit - comparison of consumption of electricity in...

2. Best judgement assessment - There appears to be divergents views insofar as the question as to whether the consumption of electricity can constitute the sole basis for...

3. Rejection of books of accounts of assessee - enhancement of turnover - higher consumption of electricity - electricity being consumed by the officials at their...

4. Addition u/s 69C – addition on the ground that assessee deducted TDS on higher value and issued TDS certificate for higher amount - assessee explained the reasons - no...

5. Addition made on estimating the consumption of electricity, production, sale and profit thereon is not sustainable. - AT

6. Valuation by DVO - addition based on estimated cost disregarding actual cost as per books - applicability of section 142A before amendment - non-rejection of books - AO...

7. Addition on account of suppressed production on the basis of electricity consumption - the AO failed to appreciate the facts and did not attempt to establish a direct...

8. Clandestine removal demand based on electricity consumption not sustainable as mere electricity consumption cannot be the sole basis for determining duty liability....

9. Tax assessment order set aside due to defects in show cause notice, failure to consider Covid-19 impact on business operations. Taxpayer engaged in milk manufacturing...

10. The High Court examined the validity of reopening assessments based on the report of the District Valuation Officer (DVO). It distinguished between "reason to believe"...

11. Addition being 40% of cash balance shown in the balance sheet as income of the assessee - A.O without any basis, simply says that the cash in hand is excessive and...

12. Lower yield declared by the assessee - excessive consumption of electricity / power / furnace - variation in consumption of electricity, furnace oil vis-à-vis production...

13. Disallowance - excess consumption of Tendu leaves - AO's addition 1/3rd, was found to be reasonable - HC

14. Assessee's unaccounted sales were estimated based on notebooks, diaries, and WhatsApp conversations. Only real income can be taxed. While unaccounted sales existed,...

15. Absence of reasons in approval order u/s 151 for reopening assessment u/s 148 renders it invalid. Mere appending of word "approved" without recording satisfaction after...