Home Highlights January 2014 Year 2014 This

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1. Additions towards Difference in receipts/sales which the assessee has agreed - If assessee has agreed for the difference, then there is no reason for the assessee to...

2. Addition u/s 56(2)(vii)(b) - Difference between the agreed consideration and Valuation adopted by the DVO - Assessee is one of the party who along with four others...

3. Assessment u/s 153A - Addition of bogus purchases on protective basis in the hands of the assessee - Unless, it is brought over knowledge the fate of substantive...

4. Key issues regarding invocation of time limitation for raising demand, levy of penalty, exemption from service tax for bundled services related to the game of cricket,...

5. Addition made u/s 153A on account of undisclosed foreign bank account and interest income thereon - assessee confronted with client profiles from HSBC Bank showing...

6. Protective addition on account of unexplained credit entries appearing in the bank account - assessee company is a conduit - addition on account of unaccounted...

7. Refund - demand was raised on products which was claimed as exempted by the assessee - assessee paid the demand through cenvat credit - after getting favorable order,...

8. Protective addition made by Assessing Officer was not sustainable as substantive addition did not survive in concluded assessment proceedings of related party. CIT(A)...

9. The assessee made investments in two firms by purchasing cold storage units funded by M/s. A.R. Constructions, where the assessee is a managing partner. The source for...

10. Assessment u/s 153A - Addition u/s 68 - bogus LTCG - Except the statement of the assessee u/s. 132(4) agreeing for the addition there is no seized incriminating material...

11. Stay of Demand of tax raised u/s 143(3)/144B - Additions u/s 68 - Since it is apparent that the demand raised is untenable, we find that the present petition is a fit...

12. The assessee received cash credits which were treated as unexplained income u/s 68 by the Assessing Officer (AO). However, the Commissioner of Income Tax (Appeals)...

13. The ITAT Kolkata held that the addition on a protective basis made by the Assessing Officer in the hands of the assessee, concerning a loan received from a director and...

14. ST - Revenue neutral exercise - demand can not be raising invoking extended period of limitation.

15. 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...