Home Highlights August 2013 Year 2013 This

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1. On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled...

2. Reopening of assessment - case was reopened on a ground but additions were made on different ground - it was not open to him to make the addition for unaccounted investment

3. Addition made on account of unaccounted cash receipts – Cash receipts of brokerage – Sale of car parking charges - the assessee’s purchases cannot be doubted on ad-hoc basis - AT

4. Additions of varied amounts on account of unaccounted on-money - Seized material in search - the Assessing Officer was not justified in bringing to tax the whole amount...

5. Addition u/s 69A - unaccounted business receipt - various submissions were filed by the assessee to explain the source but revenue authorities could not go deeper to...

6. Addition made on account of unaccounted cash receipts – Sale of car parking area - Without any evidence in the year for receipt of on-money the addition cannot be sustained - AT

7. Assessee's unaccounted sales were estimated based on notebooks, diaries, and WhatsApp conversations. Only real income can be taxed. While unaccounted sales existed,...

8. Disallowance of making charges - If the making charges rate as determined by the Revenue at Rs.3/- per gram has to be considered, the aforesaid karigar’s net profit...

9. Valuation of goods - Inclusion of freight charges - invoices show the freight charges separately - freight charges not to be included in the value - AT

10. Accrual of income - real income - since the basis, modality and the amount on which the capacity charges, deemed generation charges and capacity Index Incentives were to...

11. Unaccounted professional charges received in cash - Addition u/s 28 - AO is completely erred in making addition towards difference amount of professional charges on the...

12. Estimation of net income from total ‘on money’ receipts - assessee had disclosed net profit of over 30% of total unaccounted ‘on money’ receipts - CIT(A) rightly...

13. TDS u/s 194I - hire charges paid for the equipment disallowed - addition u/s 40(a)(ia) - the amount of equipment hire charges in question having been already offered to...

14. Assessment u/s 153A - Unaccounted income on account of under invoicing of sales - Admissions made under such circumstances without the corroborative evidence cannot be...

15. Best judgement assessment u/s. 144 r.w.s.147 - additions towards unaccounted professional charges received from Hospitals in cash - Assessing Officer has erred in making...