Home Highlights July 2013 Year 2013 This

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1. Reopening of assessment u/s 147 - double deduction u/s 80IB - In the reasons for re-opening, there is not even a whisper as to what was not disclosed. In our view, this...

2. Validity of assessment u/s 153C - Presumption - Scope of documents belongs to assessee - ven if the draft financials were provided by the assessee to the searched...

3. Where whole of the turnover has escaped assessment on account of not passing an assessment order, the provisions of Section 29(1) of the Act, 2008 can be invoked by the...

4. Validity of Assessment u/s 153C - whether AO of the searched person has not recorded satisfaction note that the books of accounts/material belongs to the assessee ? - In...

5. Sale of property - Property belongs to the HUF of the assessee Or assessee individual - rights on ancestral property - the property was inherited by the father of the...

6. Reopening of assessment u/s 147 - Once a query has been raised by Assessing Officer through the assessment proceeding and the assessee has responded to that query, it...

7. Validity of Assessment u/s 153A - in cases where the assessment or reassessment proceedings have already been completed and assessment orders have been passed, which...

8. Notice issued by Jurisdictional Assessing Officer (JAO) instead of Faceless Assessment Officer (FAO) u/s 148A(b) for income escaping assessment is invalid. Faceless...

9. Exclusion of insurance charges from the export turnover for computing 10AA deduction - The assessee has not charged its customers separately in respect of the insurance...

10. Computation of deduction u/s 80IB/80IC - allocation of advertisement expenses to the eligible units in the ratio of turnover of eligible units to the total turnover of...

11. Reopening of assessment u/s 147 - in the original regular assessment proceedings for the subject assessment year 2014-15, the Assessing Officer had sought for and...

12. Determination of turnover for presumptive taxation u/s 44AD - The assessee contended that receipts cannot be treated as ancillary receipts as the assessee had already...

13. Clubbing of income u/s 64 - Additions of Sale proceeds of the land belonging to the assessee’s wife claimed to be credited to the assessee’s bank account - Wife has no...

14. Export turnover brought into India does not qualify as 75% of total turnover for claiming exemption u/s 10A. Expenditure incurred in foreign exchange must be excluded...

15. Deduction claimed u/s 57 against income returned u/s 56 - manner of apportioning assessee's expenses to earning income u/s 56 disputed - Revenue authorities rejecting...