Home Highlights June 2013 Year 2013 This

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1. Income accrued in India - PE in India - attributing profits to the P.E - Computation made by the A.O. in his assessment order is incorrect as the AO has not allowed the...

2. Revision u/s 263 - estimation of income - when the income assessed by the AO was far more than the income returned by the assessee and all the investments made by the...

3. Penalty u/s 271(1)(c) - There is no conclusive proof that the assessee has PE in India. In the penalty proceedings the AO simply relied on the MAP proceedings in holding...

4. Revision u/s 263 - Addition u/s 68 - second revisional jurisdiction of Pr. CIT - Whether the AO (called second AO) has not conducted enquiry while framing re-assessment...

5. IT, Estimation of income without rejecting books of accounts is arbitrary, addition made by AO deleted

6. Validity of “summary of the order” - the Commissioner of State Tax Department are directed to issue appropriate guidelines/circular/notification elaborating therein the...

7. The assessment u/s 153C mandates the recording of satisfaction by the Assessing Officer (AO) upon discovery of material likely to "have a bearing on the determination of...

8. The ITAT Ahmedabad addressed the jurisdiction of the AO over a corporate assessee with income exceeding Rs. 30 Lakhs in metro cities. The tribunal confirmed that income,...

9. Applicability of Article 7 of the Double Taxation Avoidance Agreement (DTAA) between India and the United Arab Emirates regarding the taxation of profits attributed to a...

10. Gross profit addition - AO during the assessment proceedings, agreed to estimation of gross profit @ 56% of sales/turnover and this act of the assessee obviously stopped...

11. Dishonour of Cheque - Effect of arbitration proceedings - The High Court referred to a Supreme Court judgment which clarified that arbitration proceedings and...

12. Reopening of assessment u/s 147 v/s assessment u/s 153C - proceedings initiated u/s 132 - The correct course of reassessment is under section 153C not under section 147...

13. Estimation of income - Since the addition made by the AO on account of trading income based on net profit rate applied by the AO has been deleted and the income declared...

14. The Appellate Tribunal (ITAT) considered the validity of proceedings u/s 153C, focusing on whether the satisfaction note recorded by the AO of the searched person was...

15. Accrual of income India - Service PE/ virtual service PE in India - computation of threshold date for constitution of service PE - The tribunal concluded that for AY...