Home Highlights October 2014 Year 2014 This

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1. Addition of undisclosed income arising out of sale of land - on-money - Once, nature and character of land sold is established as agricultural land not to be treated as...

2. Taxability of on-money declared by the Assessee in its return of income - Not in dispute that the on-money is nothing but part of sale consideration of the flats and...

3. Undisclosed income - Bogus share transactions - Levy of tax u/s.115BBE - A.O had in clear and unequivocal terms observed that the sale consideration, was infact the...

4. Undisclosed incomes - investment in Purchase/sale of immovable property - The onus on the department to prove that investment was made by Assessees or sale consideration...

5. Addition towards on-money - addition u/s.68 towards on-money received by the assessee for sale of flats - we direct the ld. AO to add only 12% of on-money receipts as...

6. Income from house property - annual letting value of unsold flats - Estimating rental income by the AO for these three flats as income from house property was not...

7. On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled...

8. Sale of shops/flats - Capital gain v/s business income - There was no intention of the assessee to enter into real estate business. The assessee has also shown sale...

9. Addition towards advance received for sale of flats - accrual of income - income accrues to a builder or developer only when transaction of sale is complete and any...

10. Estimated income from sale of plots- In this case, except agreement to sale for one plot, the AO does not have any other credible evidence to support his estimation of...

11. Addition u/s 69B - Cash transactions in the seized documents during a search operation - cash against sale of flat - When no material has been found that assessee has...

12. The case pertains to the applicability of Section 43CA, which deals with the adoption of stamp duty value as the full value of consideration for computing profits and...

13. Estimation of income from the unsold vacant units as income on notional basis - The flats not sold was its stock-in-trade and income arising on its sale is liable to be...

14. Undisclosed income - entry in the seized material wherein "P-money" was written - Assessing Officer is of the view that "P-money" stands for pocket money and treated it...

15. Bogus share transactions were alleged, and the Assessing Officer (AO) denied the assessee's claim for exemption u/s 10(38) by treating the sale consideration of shares...