Home Highlights February 2014 Year 2014 This

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1. The case pertains to the revision of an assessment order u/s 263 regarding the applicability of the higher tax rate u/s 115BBE on unexplained expenditure u/s 69C. The...

2. Determining the jurisdiction of appellate forum - jurisdiction of this Tribunal - The Tribunal refers to the legal precedent established in a Supreme Court case...

3. The Tribunal addressed the maintainability of an application regarding a Personal Guarantor's failure to repay debts to a Corporate Debtor. The issue of forum shopping...

4. TP Adjustment - Fair market value of share of ECL representing the ALP - the DCF Method could not be adopted in the facts and circumstances of the present case as the...

5. Revision u/s 263 - Every loss of revenue as a consequence of an order of AO cannot be treated as prejudicial to the interests of the revenue, for example, when an...

6. The question of fact, which is disputed by the Revenue, has not been addressed by the Tribunal. Once a finding is recorded by the Tribunal on facts, it is supposed to...

7. Condonation of delay in filing of Review Application - In view of the fact that Section 14 of the Limitation Act, 1963 applies to the Court / Tribunal whether the...

8. Binding nature of Tribunal Order - Principle of “consistency” - Not only the Tribunal but all the Authorities subordinate to it are bound to follow and comply with the...

9. Recording of wrong facts & reasoning by Tribunal - Tribunal did not correctly appreciate as to what AO and CIT (A) held and what was their reasoning which led to their...

10. Accrual of income - assessee was declaring LPS on outstanding credit receivables on accrual basis - hybrid system of accounting - the assessee has followed the...

11. Difference in stock valuation - valuation of the closing stock - LIFO or FIFO method - It is an admitted case that the assessee has been continuously adopting the LIFO...

12. TP Adjustment - CIT(A) under the garb of "rule of consistency" adopted the TP analysis made by the TPO - This method of TP analysis is unheard of as every assessment...

13. Addition u/s 56(2)(vii)(b) - share premium - The valuation is a question of fact which would depend upon appreciation of material or evidence. The methodology adopted by...

14. Forum Convenience - jurisdiction of Delhi High Court - The High Court while exercising its jurisdiction under Article 226 of the Constitution of India to entertain a...

15. Levy of penalty u/s 78 of the Finance Act, 1994 - No independent reasons have been given by the first appellate authority to confirm the penalty under Section 78 of the...