Home Highlights July 2014 Year 2014 This

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1. Unexplained money u/s 69A read with Section 115BBE(1) - no explanation regarding source of cash deposit in savings account - case selected for limited scrutiny, thus...

2. Unexplained investment - The basis of addition made in the present case is the source of investment remaining unexplained. Now, the assessee having explained the source...

3. Addition u/s 68 - Unexplained cash credit - CIT(A) accepted the source of cash deposits without any supporting documents, the issue require detailed enquiry with regard...

4. Addition u/s 68 - AO is an Investigation Officer and if the assessee files some documents, it is within the investigation power of the AO to raise questions on those...

5. Distinction between Section 69 and Section 56(2) regarding unexplained investment and gift. Section 69 requires the Assessing Officer to establish that the assessee made...

6. The High Court held that the Principal Commissioner of Income Tax (PCIT) lacked jurisdiction to pass an order u/s 263 of the Income Tax Act in this case. The Assessing...

7. First time importers, verification of documents - submission of KYC documents and procedure to be followed

8. Section 263 revision - Unexplained income u/s 69A read with Section 115BBE - Cash seized shown as 'income from other sources' - Whether to be treated as unexplained...

9. Unexplained cash credit addition u/s 68 during demonetization period - assessee unable to substantiate contentions regarding cash receipts from sales and debt recoveries...

10. Unexplained investment in land purchase - society's purchase in its name or trustees' names - CIT(A) considered money not paid by society from income but sourced from...

11. Power of CIT(A) in exercising power u/s 250(4) to accept remand report with regard to income as well as claim of expenditure made by assessee - if the Remand Report is...

12. Unexplained cash credit u/s.68 - double taxation - taxing the source of investment and application of investment both - When an income is taxed / addition is made to...

13. The assessing officer (AO) reopened the assessment based on the difference between the purchase amount shown by the assessee and the sales amount shown by the party from...

14. Income from undisclosed sources - addition of agricultural income - Assessment of agricultural income declared by the assessee for various assessment years was...

15. Income from license fees - income under the head ‘Income from other sources’ OR 'business income' - AT