Home Highlights October 2013 Year 2013 This

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1. Interest u/s 234B - The term “assessed tax” has been defined in Explanation-1 of Section 234B (1). As per said Explanation-1 “assessed tax” means the tax on the total...

2. Income from vacant house property - income would not be assessed under Section 23(1)(c) but under Section 23(1)(a). - HC

3. Levy of Penalty u/s. 271(1)(c) - The ITAT ruled that since there was no variation between the returned and assessed income, there was no concealment of income by the...

4. Penalty u/s 271(1)(c) was levied on additional income voluntarily offered in the statement recorded u/s 132(4). However, no reference was made to corroborative...

5. The High Court examined the jurisdiction of the Assessing Officer (AO) and the prescribed income-tax authority to issue notices u/s 143(2) of the Income Tax Act. It held...

6. Penalty levied u/s 271 (1) (c) - As the appellants had disclosed the income, after detection by the department and as per the terms of settlement, the assessing officer...

7. Penalty u/s. 271(1)(c) - recording of specific finding or not? - In para 7 of the penalty order u/s. 271(1)(c), the Assessing Officer held that it is found to be a fit...

8. Validity of order u/s 144C - Failure to pass a draft assessment order u/s 144C(1) - This Court is of the view that till the Income Tax Department ensures that the...

9. Penalty u/s 271(1)(c) was imposed despite the assessee withdrawing the exemption claim u/s 10(38) for Long Term Capital Gain (LTCG) on sale of penny stocks and offering...

10. Levy of penalty u/s 271(1)(c) - disallowance of bogus purchases by applying the profit rate - Once there is no reason to disbelieve the sales made by the assessee and...

11. The Appellate Tribunal held that for determining the holding period of a property or calculating long-term capital gains, the date of allotment of the property is...

12. The assessee claimed excess deduction u/s 36(1)(viia) for provision for bad and doubtful debts, leading to escapement of income. The Assessing Officer rightly formed the...

13. Penalty u/s 271(1)(c) - additional income was declared in survey u/s 133A - date of filing of return u/s 139(1) had not expired - The fact of “concealment of income” and...

14. Amendment of section 197. - Scope extended - where, in the case of any income of any person or sum payable to any person, the income-tax is required to be deducted at...

15. 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...