Home Highlights November 2011 Year 2011 This

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1. Deduction u/s 80IB - amount declared during the course of survey as additional income - assessee is not entitled to the deduction under section 80IB of the Act on the...

2. Additional income disclosed during the course of survey - To be taxed @ 60% u/s. 115BBE or not - the AO and the Ld.CIT(A) are erred in assessing additional income...

3. Addition u/s 68 - additional income declared by the appellant in the course of survey action u/s. 133A - disallowing the sum of 6 crores debited to the profit and loss...

4. Assessee surrendered income during survey u/s 133A as unaccounted professional receipts, which AO accepted as professional income taxable at normal rates. PCIT invoked...

5. Higher rate of tax u/s 115BBE - As noted that the assessee has declared additional income towards excess stock found during the course of survey and assessee has...

6. Addition on account of additional income declared in the course of survey u/s 133A on oath - addition on unexplained credit - addition cannot be made only on the basis...

7. Penalty levied u/s. 271(1)(c) - undisclosed income surrendered during the course of survey - Assessee cannot be held to have concealed or furnished the particulars of...

8. Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

9. Penalty u/s 271(1)(c) - additional income was declared in survey u/s 133A - date of filing of return u/s 139(1) had not expired - The fact of “concealment of income” and...

10. Income surrendered in survey action - undisclosed professional income - In fact, no such income has been found during the survey action. However, the assessee to keep...

11. Nature of income surrendered during survey - Taxable ‘Head of income’ - excess income declared during the course of survey proceedings cannot be treated as unexplained...

12. Deduction of Partner’s Remuneration from additional Business Income surrendered during survey u/a 133A - there is no restriction - claim allowed - AT

13. Surrendered income - Surrender by the son of the assessee during the course of survey - the delay in retraction by the assessee as pointed out by the Ld. AO cannot be of...

14. Nature of income surrendered during the course of survey u/s 133A - deemed income u/s 69 and 69A or business income - The surrender on account of advances were relating...

15. Addition based on survey proceeding - Unexplained stock of gold and silver jewellery - The statement given during the course of survey is not a statement on oath as...