Home Highlights July 2013 Year 2013 This

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1. Validity of Referring the matter to DVO - Additions based on valuation report - The High Court noted that the assessee had filed its return for the relevant assessment...

2. Valuation by DVO - addition based on estimated cost disregarding actual cost as per books - applicability of section 142A before amendment - non-rejection of books - AO...

3. Reference to Departmental valuation officer [DVO] without first rejecting the books of accounts - The Court reiterated the importance of rejecting the books of accounts...

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

5. The provisions of section 69A allow for additions if the assessee is found to be the owner of unrecorded money, bullion, jewelry, or valuable articles. However, when...

6. CIT(A) determined profit at 5.47% on total purchases. Assessee produced sufficient evidence regarding purchases, movement of goods, GST payment on transportation,...

7. Addition u/s 68 - non maintenance of books of accounts - There was no actual credit of cash or otherwise received by the assessee. No entries are made in the books of...

8. Addition on account of deposit of cash during the demonetization period - allegation of sham transactions - the AO has acted on mere surmise and conjectures without duly...

9. Estimation of net profit - rejection of books of accounts - Once the books of account of the assessee was produced before the lower authorities and if there is certain...

10. Validity of making a reference to the DVO u/s 142A - unexplained expenditure u/s 69C - ejection of books of accounts is a pre-condition for making a reference to DVO and...

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. Valuation of building - Revenue was unable to justify that when the books of account were not rejected, how the matter could be referred to the DVO for assessing the value - HC

13. Jurisdictional issue regarding notice u/s 143(2) was addressed, with ITAT holding that the initial notice by ACIT, Circle-5(1), Delhi was within time, and subsequent...

14. Reference of matter to DVO - assessee challenged the fair market value adopted by the assessing officer during the course of assessment proceeding itself and made a...

15. Rejection of books of account - trading addition - Assessee cannot claim advantage of lesser addition by getting the books rejected year after year and avoiding the...