Home Highlights May 2013 Year 2013 This

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1. Validity of Assessment u/s 153A - The information obtained from outside agencies which was confronted with the assessee during the search cannot be considered as...

2. Reopening of assessment u/s 147 - ‘reasons to believe’ and ‘reasons to suspect’ - Merely on the basis of suspicion observed that the aforesaid entry might be a bogus...

3. The assessment reopening u/s 147 read with Section 148 was found to be unsustainable due to the lack of independent application of mind by the Commissioner of Income Tax...

4. Reopening of assessment u/s 147 - AO himself did not make addition in respect of the first part of the items of reason recorded - The addition made by the AO on the...

5. Assessment u/s 153A - addition made in respect of completed assessment in absence of any incriminating material - The tribunal found that the additions made to the...

6. Assessment u/s 153C - Profit estimation on money received for new construction and redevelopment projects - extrapolation of income for the search period. The assessee...

7. Evidentiary value of a statement made on oath by the assessee for making additions - The assessee can explain or withdraw the admission, if any, made by him in such...

8. Reopening of assessment u/s 147 - AO recorded his satisfaction about escapement of income for sale of investments - no addition made on this issue - addition made for...

9. Penalty u/s 271(1)(c) - addition made on protected assessment - addition in this case was made on protected assessment/addition on estimated basis which is against the law - AT

10. Protective assessment/addition - No substantive assessment/addition in the hands of other assessee - It is therefore a case where no substantive additions have been made...

11. Addition u/s 68 read with section 115BB - Authorities below have not drawn any adverse inference against the claim of the assessee. Rather AO as well as ld. CIT (A) kept...

12. Penalty levied under 271(1)(c) - The revenue has tried to make out a case that since the addition was made pursuant to information from sales tax department, this...

13. Assessment u/s 153C - Addition u/s 69A - Certain incriminating documents/information contained in the seized material pertained to the assessee, the proprietor found...

14. LTCG - Deduction u/s 54 on investment made in five house properties - Amendment made available on the statute, vide the Finance (No. 2) Act, 2014 w.e.f. 01.04.2015...

15. Protective assessment - no addition can be made in the hands of the assessee - the protective addition made in the hands of the assessee for these three assessment...