Home Highlights May 2013 Year 2013 This

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1. The assessee made investments in two firms by purchasing cold storage units funded by M/s. A.R. Constructions, where the assessee is a managing partner. The source for...

2. Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition...

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. The case pertains to the issue of addition in the hands of a Hindu Undivided Family (HUF) versus an individual for advance money paid for the purchase of land. The key...

5. The Appellate Tribunal considered the issue of condonation of delay in filing appeals, which exceeded 400 days, due to unexplained cash deposits and protective additions...

6. 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...

7. Unexplained Money addition under Section 69A - Where the basis for making the addition in the hands of the buyer has been held as inadmissible and unsustainable, the...

8. The assessee's contentions were upheld by the Tribunal regarding various additions made by the Assessing Officer. The Tribunal ruled that the RTGS transfer from the...

9. 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...

10. ITAT deleted additions in Block assessment - Surprisingly for the Grounds raised before the learned Tribunal that the undisclosed income did not belong to the Assessees...

11. The CIT(A) partly allowed and restricted the addition on account of commission expenses at 0.25% as compared to 2% adopted by the Assessing Officer. The coordinate bench...

12. No separate additions required when assessee has admitted the income in the hands of HUF - AT

13. Reopening of assessment u/s 147 - in the present case, the ancestral property is owned by the assessee in the HUF status and so the appellant’s case was to be reopened...

14. Assessment of rental income - individual v/s HUF status - the departmental authorities have accepted the income in question of the assessee, in the status of the HUF for...

15. The ITAT Hyderabad held that the capital asset, as defined in section 2(14) of the Act, must be held by the assessee and not connected with their business or profession....