Home Highlights April 2014 Year 2014 This

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1. Violation of the provisions of Sections 269SS and 269T - scope of the term "loan" and "deposit" - Penalty u/s 271D and 271E - amount received on account of share...

2. Addition u/s 68 - unexplained cash credit - share application money receipts - Even though there were circumstances leading to suspicion, yet having taken an action...

3. Deemed Dividend - addition of advance salary as deemed dividend - advance was not in the nature of loan and hence cannot be treated as deemed dividend u/s 2(22)(e) - AT

4. Deemed dividend u/s 2(22)(e) is not taxable in the hands of the assessee company if it is not a shareholder in the companies that extended loans. It is chargeable to tax...

5. Reopening of assessment u/s 147 - Addition u/s 68 - unexplained share premium - While recording the reasons for reopening the assessment, the AO did not even care to...

6. Deemed dividend u/s 2(22)(e) - money received from the lending companies - Money advanced by two sister concerns to the assessee company which was repaid during the year...

7. Treatment of Share Application money as loans & Advances(269SS) - Penalty under 271D - Share application monies received by a company, pending allotment of shares, do...

8. Levy of penalty u/s. 271D - treating the share application money as deposit u/s 269SS - once the A.O. has treated the share application money received by the assessee in...

9. Unexplained cash credit u/s 68 - share application money - amount was received during the earlier years - entries made during the current year for converting deposits...

10. Share application money received - No evidence has been brought on record by the Assessing Officer to prove that the share application money emanated from the coffers of...

11. Penalty u/s 271D - share application money - Since there is nothing on record to suggest that the receipt of application money is in the nature of loan or deposit the...

12. Addition u/s 68 - share application money/share capital and share premium as unexplained - The onus was on revenue to dislodge assessee’s documentary evidences and rebut...

13. Deemed dividend u/s 2(22)(e) arises when an interest-free loan is provided by a company to a substantially related concern in shareholding. The issue was whether the...

14. Deemed dividend addition u/s 2(22)(e) - Since all the conditions necessary for treating the deemed dividend of the amount received in the hands of concern (which in this...

15. The assessee claimed deduction of expenditure incurred for handling and disposal of spent solvents/scrap against unaccounted cash receipts from their sale. The ITAT held...