Home Highlights February 2014 Year 2014 This

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1. Smuggling - Gold Bars - Gold Biscuits - Admittedly it is a case of town seizure. Out of the 5 gold bars and 1 cut piece seized, there is foreign marking – ‘rand...

2. Assessment passed u/s.153A - Presumption in case of seized documents - Assessee’s son was also covered under the search in the same premises and the document found from...

3. Validity of assessment u/s 153A - ‘Document’ was seized during the course of the search proceedings from the premises of Cosmos group, therefore, as per Sec. 132(4A)(i)...

4. Additions towards Bogus purchases - When the figures of purchase shown by the assessee in the profit and loss account are matching with the figures certified by the...

5. Addition on the bases of seized material procured from corporate office - Since the seized material is neither the regular books of account nor kept in the regular...

6. Classification of goods - rate of GST - supply of tissue papers - It is clearly evident from the description that GST rate of 12% is applicable only to Uncoated paper...

7. 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...

8. Addition on excess stock found at the premises of the assessee during the course of survey - while delivering gold at the premises of the assessee, something written on...

9. Addition made u/s 69B – The five figures have been omitted by the assessee while preparing this paper and if five figures are added in the figure of 400 then it will...

10. Disallowance on account of extraordinary items written off - It is not in dispute that the assessee had indeed written off the said abandoned project expenditure in its...

11. Assessment u/s 153A - Unexplained cash loan - merely in absence of the direct evidence the prime and important evidence cannot be put aside and the department cannot...

12. Disallowance of contingency expenses claimed by the assessee. The Assessing Officer (AO) disallowed the contingency expenses despite acknowledging that the total cost...

13. This case deals with the levy of penalties u/ss 271AAA and 271(1)(c) of the Income Tax Act in relation to various additions made to the assessee's income based on seized...

14. Disallowance of bad debts u/s 36(1) - The non-realisation of debt can result in bad debt written off if the same is written off in the books. Since it is not the case...

15. Assessment under section 153A - when the proceedings before the ITSC fail on the ground of non fulfilment of conditions laid down under section 245 of the Act by the...