Home Highlights July 2014 Year 2014 This

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1. Penalty u/s. 271A - confusion between the ‘books of account’ as per section 44AA and the ‘accounts’ as per section 145(3) - no finding either by the AO or by the CIT(A)...

2. Rejection of books of accounts - rejection of books of account by invoking the provisions of section 145(3) - the AO has categorically noted in the assessment order...

3. Addition u/s 40A(3) - cash payment in excess of prescribed limit - Genuineness or otherwise of payment is not a criteria to exclude cash payment in excess of prescribed...

4. CENVAT Credit - Separate Accounts - Prima facie it was impossible for the Appellants to maintain separate account and inventory of Zinc Skimming used for manufacture of...

5. Penalty u/s 271B - assessee failed to get his account audited and furnish report u/s 44AB even after release of documents where were seized by the authorities - If the...

6. Rejection of books of accounts u/s 145 - Addition u/ss 68/69A with 115BBE - cash deposited during demonetization as unexplained credit. The Assessing Officer did not...

7. Denial of Exemption u/s. 11 - non maintaining of separate ledger accounts - assessee is maintaining separate ledger for earning this income and also maintaining separate...

8. Naming / Tagging of demat accounts maintained by Stock Brokers - all demat accounts maintained by stock brokers should be appropriately tagged - Circular

9. Investment in personal capacity and separate accounts maintained, no disallowance – Section 14A

10. Appellants engaged in manufacturing dutiable goods and providing exempted trading services failed to maintain separate accounts for input services utilized in both...

11. The High Court considered a challenge to a notice u/s 226(3) for attachment of joint saving accounts. The petitioners, secondary account holders, argued they were...

12. Dishonor of cheque due to account being frozen/blocked by order of IT department does not attract liability u/s 138 of Negotiable Instruments Act. For an offense u/s...

13. Penalty u/s 271A and u/s 271B - not maintaining books of account and for not getting the booking of account audited as provided u/s 44AB - Penalties levied u/s 271A for...

14. Provisional attachment of escrow bank account - shares of the petitioner / contractor - Joint Escrow account opened by the Principal - GST Evasion - we lift the...

15. Penalty u/s 271A - Non maintaining the books of account - Penalty u/s 271B - non-audit of books of accounts - It is clearly a case of impossibility of performance where...