Home Highlights July 2013 Year 2013 This

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1. 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...

2. In the case, ITAT decided on two main issues: 1. Addition on account of Gold and Silver Jewellery u/s 69A: Assessee disclosed Rs. 70,00,000 as unexplained investment...

3. The Appellate Tribunal examined the reopening of assessment u/s 147 beyond the limitation period, involving the addition of cash deposits in the assessee's savings bank...

4. Revision u/s 263 - Additions u/s 69 r.w.s. 115BBE - excess stock found during the course of survey as admitted to be the undisclosed business income of the assessee, by...

5. Addition u/s.69 or 68 - assessee has paid on-money towards purchase of property to the seller - The assessee is only owner of 1/3rd share in the property purchased. -...

6. The ITAT addressed various issues including disallowance u/s 14A r.w.r.8D, where Revenue challenged deletion of disallowance made by AO. ITAT upheld CIT(A)'s decision,...

7. Adjustment u/s 143(1) disallowing revenue expenditure claim u/s 11(1) was made without providing reasonable opportunity to assessee, violating second Proviso of Section...

8. Collection of TCS u/s 206C - Sale of tendu leaves at the second stage whereas in the first stage the tendu leaves were sold on the Govt Undertaking - The ITAT observed...

9. Various disallowances and additions made by the Assessing Officer (AO) and the Income Tax Appellate Tribunal's (ITAT) decisions on the same. The key points are: 1)...

10. The ITAT ruled on two issues: 1. Disallowance of Business Promotion Expenses: AO disallowed expenses for a get-together, citing lack of proof of business purpose. CIT(A)...

11. Disallowances under section 30(1) - expenditure incurred on repair and renovation of renting premises allowed - HC

12. MAT - Adjustments to book profit - Disallowance as per the clause (f) to Explanation-1 of Sec. 115JB of the Act independently - there is no mechanism provided under the...

13. Addition on account of share premium received by the assessee u/s 56(1) - income from other sources - the addition has been admittedly made by the ld. AO u/s.56(1) of...

14. Key legal principles and decisions related to various disallowances and additions made by the Assessing Officer (AO) under different sections of the Income Tax Act. The...

15. Addition u/s 41(1) - addition towards waiver of liability / expenditure claimed earlier - One of the essential requirements of Section 41(1) of the Act is that there...