Home Highlights March 2014 Year 2014 This

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1. Disallowance of Payment Labour Charges - addition made as payment is supported by self-made vouchers and have no signature of recipients - The Tribunal, based on a...

2. Addition u/s 68 - non maintenance of books of accounts - There was no actual credit of cash or otherwise received by the assessee. No entries are made in the books of...

3. Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

4. Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

5. Bogus shareholders – when full details known to department, no additions be made u/s 68 - HC

6. Levy of Service Tax - Manpower Services - The total outflow of labour charges has been divided into two parts. One part pertains to the labour charges paid to...

7. Addition u/s. 41(1) - bogus creditors - cessation of liability in case of outstanding of above sundry creditors - the given facts and circumstances suggests that the...

8. Addition u/s 68 - Credit balance pertaining to sundry creditors - by disallowing only balance outstanding of these parties as at the end of the year, the Revenue has...

9. Reopening of assessment u/s 147 - ‘reasons to believe’ and ‘reasons to suspect’ - Merely on the basis of suspicion observed that the aforesaid entry might be a bogus...

10. Transfer pricing adjustment - No interest having been charged by the assessee to the non-AE outstandings, its transaction of outstanding receivables with AE without...

11. Addition on account of default in deducting TDS u/s 194C - the payment made through labour sardars does not warrant deduction of TDS as they are not suppliers of labours...

12. Disallowance of making charges - If the making charges rate as determined by the Revenue at Rs.3/- per gram has to be considered, the aforesaid karigar’s net profit...

13. Addition being unverified sundry debtors - Additions have been confirmed on account of bogus purchases - Any addition out of the sales made out of the aforesaid...

14. The Income Tax Appellate Tribunal (ITAT) adjudicated on various additions made by the Assessing Officer (AO) as unexplained/bogus credits or trading liabilities. The...

15. Additions u/s 41(1) for cessation of liability - simply because the liability is outstanding for quite some years the liability does not seize to exist - mere entry in...