Home Highlights June 2013 Year 2013 This

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1. Contravention of Sections 8(1) and 9(1)(f)(i) of the Foreign Exchange Regulation Act, 1973 - receiving foreign exchange payments in 1996-97 through fake export documents...

2. Penalty u/s 271(1)(c) for furnishing inaccurate particulars of income - adjustment made u/s 92CA - penalty levied u/s 271(1)(c) on the adjustment made u/s 92CA is not...

3. Section 12(1)(b) of the Prevention of Money Laundering Act, 2002 requires reporting entities to furnish information about transactions referred to in Section 12(1)(a) to...

4. Source of Income of Public Servant or Ostensible Owner - Addl. CIT - Abuse of official position, as public servant - possession of disproportionate assets - This Court...

5. Penalty u/s 271 AAB or u/s 271 (1)(c) - concealment on income - as per clause (2) of section 271AAB, no penalty under the provisions of clause (c) of sub-section (1) of...

6. Levy of penalty - taking CENVAT Credit irregularly - it is the contention of the Assessee that there is some element of discretion available in the adjudicating officer...

7. Penalty u/s 271(1)(c) - accrual of income for assessee society - In assessee`s appeal assessing officer treated contribution towards welfare Fund and Hospital Fund as...

8. Imposition of penalty u/s 271(1)(c) of the Income Tax Act for two types of additions: (1) the addition made u/s 50C on the difference between stamp duty value and sale...

9. Penalty proceedings u/s 271(1)(c) - Assessee company failed to provide bonafide explanation for inflated expenses claimed in revised return, contrary to audited...

10. Research and Development expenses (R&D Expenses) - Allowability of expenses u/s 35(2) - The expenses are not covered u/s 35(2) - The assessee has not claimed the same...

11. Seeking GST registration to be effective from retrospective effect i.e. 1.7.2017 - Migration from erstwhile tax laws to GST - Bonafide error in making application - The...

12. Penalty u/s. 271(1)(c) - recording of specific finding or not? - In para 7 of the penalty order u/s. 271(1)(c), the Assessing Officer held that it is found to be a fit...

13. Addition u/s 40A(2) - assessee has paid interest to certain related parties and treated interest rate @ 15% reasonable and disallowed excess rate paid to related parties...

14. Penalty u/s 271(l)(c) - recognization of revenue as per AS-9 - Section 43CB has been inserted w.e.f. 1/4/2017. Hence Section 43CB is not applicable to the year under...

15. FEMA (Transfer or Issue Of Security By A Person Resident Outside India) - Sixth Amendment – Amendment In Regulations 2, 5, 10, 12 And Schedules 1, 2, 5, 6 & 7 - Notification