Home Highlights May 2013 Year 2013 This

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1. Estimation of profit - AO applying a profit rate of 20% on the contract receipt against the rate of profit declared by the appellant at 8.13% - CIT(A) directing the AO...

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

3. Disallowance u/s 40A(3) - Cash payment - Section 40A(3) is not applicable when the net profit rate was applied by the AO and once a net profit rate is applied the...

4. NP rate determination - net result of trading operations of assessee JV - CIT(A) while upholding this exorbitant profit rate has observed that in the case of M/s KIEL...

5. Unaccounted purchases - only the profit element in such unaccounted purchase should be made especially when there is no unaccounted stock found during the survey on...

6. On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled...

7. Estimation of income - AO has made 100% addition, whereas the CIT(A) has scaled down addition to 12.50% profit on alleged bogus purchases. - Although, both authorities...

8. Diallowance of expenses after estimation of profit u/s 144 - ITAT deleted the additions - It is not required for the AO to apply net profit at a particular rate while...

9. Addition u/s 69A - unaccounted business receipt - various submissions were filed by the assessee to explain the source but revenue authorities could not go deeper to...

10. TDS @ 20% on the foreign remittance u/s 206AA - absence of furnishing of Permanent Account Number (PAN) - Section 206AA of the Act does not override the provision of...

11. Levy of customs duty on import of wheat - rate of duty increased from 20% to 30%

12. TP Adjustment made on account of interest chargeable on outstanding receivables - applying LIBOR rates - adoption of SBI prime lending rate @14.45% is definitely...

13. The non-profit organization, sponsored by the Ministry of Commerce and registered u/s 25 of the Companies Act, was granted exemption u/s 10(23C)(iv) of the Income Tax...

14. Assessment proceedings conducted by non-jurisdictional officer - Assessee participated without challenging jurisdiction - Assessment order valid as per Supreme Court...

15. Income deemed to accrue or arise in India - Attribution of Profit to permanent establishment (PE) in India - The Tribunal observed that while the Assessing Officer...