Home Highlights February 2014 Year 2014 This

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1. Cash credit u/s 68 - assessee is a partner has declared income under IDS 2016 but the declaration failed as the taxes due on income declared was not paid by the firm -...

2. The key points are: Undisclosed income declared under the Income Declaration Scheme (IDS) 2016 does not change its character or nature merely due to non-payment of tax...

3. Refund of tax paid as advance tax after opting for VDIS scheme - Since he did not submit any return under section 139 before this scheme, therefore involuntarily...

4. Taxability in the hands of partners v/s firm - transfer of capital asset by firm to partners - There is no merit in the arguments advanced by assessee, that transfer of...

5. Valuation - purchase of used / second-hand gold jewellery or ornaments - the term ‘second hand’ does not hold any meaning when it comes to items such as gold, land,...

6. Disclosure of income under VDIS - set off of tax under VDIS with advance tax (including TDS) in regular course - a Section 70 and 71 mandate that the income disclosed in...

7. Validity of Compounding Scheme – Relief to declare compounding scheme to be ultra vires, is not entertainable inasmuch as on one hand petitioners have prayed for...

8. Short term capital gain - capital gain arose from transfer of land to the partnership firm by way of capital contribution as the assets was converted to Fixed Capital...

9. Revocation of certificates issued u/s 68(2) of VDIS - misrepresentation of Facts - since there is prohibition under VDIS, that when the amount so declared is already...

10. Smuggling of the gold bars - bona fide baggage - The Tribunal found that the appellant knowingly avoided declaring the gold bars upon arrival, thus violating customs...

11. Accrual of interest income in the hands of dissolved partnership firm - section 189 keeps the firm alive for the purposes of assessment despite its dissolution. It...

12. The CESTAT examined the overvaluation of goods case involving rejection of declared export value, re-determination of value, confiscation of goods, and penalties. The...

13. The appellant provided sufficient evidence regarding the value and there was no dispute that the appellant had paid anything over and above the declared value while...

14. The applicant purchases second-hand gold or diamond jewelry from unregistered individuals, melts and transforms them into new pieces, altering their nature and...

15. Taxability of interest income in the hands of Partner instead of Partnership firm - Allegation that assessee did not disclosed the receipt of Interest in his return of...