Home Highlights November 2014 Year 2014 This

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1. Absence of reasons in approval order u/s 151 for reopening assessment u/s 148 renders it invalid. Mere appending of word "approved" without recording satisfaction after...

2. Article – waiver of penalty – rejection of application without reason – not justified

3. Valuation by DVO - addition based on estimated cost disregarding actual cost as per books - applicability of section 142A before amendment - non-rejection of books - AO...

4. Rejection of books of accounts - Estimation of income @ 2% of gross sales – mere selling of goods at low margin cannot be made the reason for rejection of books of accounts - AT

5. The case pertains to the rejection of self-assessed value of imported aluminium scrap and determination of the method for valuation. The key points are: rejection of the...

6. Reopening of assessment u/s 147 - ‘reasons to believe’ and ‘reasons to suspect’ - Merely on the basis of suspicion observed that the aforesaid entry might be a bogus...

7. Valuation of imported goods - the word “doubt” used in the rule has to be based on cogent reasons and evidences - Clearly, for rejection of the transaction value under...

8. Valuation of imported goods - Wet Dates - The rejection of transaction value even when based upon NIDB data cannot be done without disclosing materials, as well as...

9. Addition being 40% of cash balance shown in the balance sheet as income of the assessee - A.O without any basis, simply says that the cash in hand is excessive and...

10. The Commissioner of Income Tax (CIT) directed the Assessing Officer (AO) to compute the assessee's income by adding the difference in valuation of shares u/s 56(2)(viib)....

11. The assessee objected to the valuation report prepared by the district valuation officer and the stamp duty rate. The assessing officer referred the matter to the...

12. Valuation of imported goods - rejection of transaction value - as the appellants were not made part of market enquiry; copy of the report was not provided to them and...

13. Seizure of imported goods - misdeclaration of goods - when the mis-declaration was only in respect of 81 bales, Commissioner proceeded to redetermine the entire quantity...

14. Valuation of imported goods - rejection of declared value - Formation of belief and recording of reasons as to reasonable doubt and communication of the reasons when...

15. Valuation of imported goods - non & mis- declaration - adjudicating authority has not recorded the reason as to why he has resorted to the valuation under Rule 7 without...