Home Highlights November 2011 Year 2011 This

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1. Revision u/s 263 - assessee has made purchases in cash - when the learned assessing officer was not required to enquire on those issues such as purchases in cash more...

2. Reopening of assessment u/s 147 - Assessing Officer to usurp the jurisdiction to reopen the assessment - The first Assessing Officer has made the reassessment after...

3. Disallowance u/s 14A read with Rule 8D - The assessing officer's reliance on CBDT Circular No. 5 of 2014 to make disallowance u/s 14A is legally untenable and liable to...

4. CIT(A) restricted addition on account of accommodation entries to 15% instead of 100%, as the Assessing Officer failed to establish that work was not actually performed....

5. Disallowance u/s 14A - Disallowing interest expense - Neither the assessee furnished the working of disallowances under section 14A, nor the lower authority made the...

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

7. Exemption u/s 10(22) denied - Addition u/s 68 - the Stand taken by the assessee that contributions were received only from the students has been rightly rejected by the...

8. Rectification of mistake u/s 154 - Disallowance of provision for ex-gratia - CIT(A) has provided an opportunity to the assessing officer to examine the mistake committed...

9. Addition of cash deposited during the demonetisation period in bank account - unexplained income - taxation @ 60% as provided u/s. 115BBE - The tribunal acknowledged the...

10. Penalty u/s 234E - delay in filling of TDS return - Contention of the AR that since the TDS statement pertains to the period i.e for the financial year 2013-14(1st...

11. Assessment order u/s 143(3) quashed for non-issuance of show cause notice. Case transferred from faceless Assessing Officer to Jurisdictional Assessing Officer u/s...

12. Revision u/s 263 - bogus purchase - proof of nexus between the purchases and sales - once submission/reply filed by the assessee, pursuant to enquiry by the Assessing...

13. Penalty levied u/s 271(1)(b) - assessee had failed to provide full submissions - penalty levied by the Assessing Officer u/s 271(1)(b) of the IT Act deserves to be...

14. Addition u/s 69A - unexplained income - cash deposits made into bank account during demonetization period - assessee neither furnished stock summary nor bills/vouchers...

15. Capital gain computation - Jantri rates v/s DVO’s report - Tribunal has rightly observed that once valid reference to the valuation officer is made under section...