Home Highlights May 2014 Year 2014 This

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1. Exemption u/s 10B - inflated profits - The Assessing Officer has correctly worked out interest on capital and remuneration payable to partners and excluded them from the...

2. Estimation of net profits - addition on account of enhancement of net profit as the assessee has shown drastically low net profit as compared to preceding previous years...

3. Exemption u/s 11 was not claimed in original return due to auditor's mistake in Form No. 10B. Assessee rectified mistake by filing revised Form No. 10B. Statutory claim...

4. The assessee's appeal was allowed and the addition was deleted. The authorities failed to analyze the assessee's specific stand and incorrectly assumed availability of...

5. Adjustment in book profit u/s 115JB - assessee make adjustment in sale and reduced the profit - Provisions relating to adjustments by way of increase and decrease to the...

6. AO failed to examine details, relied solely on assessee's submissions, resulting in erroneous assessment prejudicial to Revenue's interests. Assessee borrowed...

7. The assessee, a university, claimed exemption u/s 10(23C)(iiiab) for the relevant assessment year, which was accepted by the Assessing Officer (AO) after considering the...

8. Disallowance on account increase in expenditure as excessive payments - Ultimately it is a business decision and does not call for the AO to sit in judgment over this....

9. Arm's Length Price adjustment on international transaction – selection of comparable - if abnormal loss making companies are excluded abnormal profit making companies...

10. Exemption u/s 11 and 12 - assessee failed to file the Audit Report in Form 10B along with the Return of Income - None of the authorities had any occasion to verify Audit...

11. Onus on assessee to explain exorbitant increase in transport expenses and support with proper bills/vouchers, which assessee failed. Sample bills/vouchers not for...

12. Benefit of exemption u/s 10B - new undertaking - 66.66% assets leased from other company - lease could also be considered as a 'transfer' for the purpose of Section...

13. Director’s Remuneration disallowed – Exceptionally high remuneration paid - the increase in Directors’ remuneration to about 9 times cannot be justified on the basis of...

14. Deduction u/s 10B - ordinarily, what profit the assessee might have expected to arise - AO had not brought on record any material to demonstrate that the assessee...

15. Revenue has not disputed the fact that in the year under appeal there is increase in the sales and the margin as stated by the assessee is not rebutted by the revenue by...