Home Highlights November 2014 Year 2014 This

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1. Notice of demand u/s 156 – Interest charged u/s 215/217 and 139(8) - if the assessment order does not specify charging of interest under a specific section then it could...

2. Set off of brought forward business loss - mistakes in previous years for not claiming benefit of set-off - 8 years time limit provided in the statute - The ITAT found...

3. Valuation of imported goods - Pistachio - Rule 8 of Customs Valuation Rules, 1988 - the comparison with the price of the different goods of different period cannot be...

4. The Income Tax Appellate Tribunal held that the denial of exemption u/s 10(23C)(iiiab) for late filing of the income tax return beyond the time specified u/s 139(1) or...

5. Income estimation based on percentage of gross receipts - CIT(A) applied 12.5% net profit on gross receipts, assessee claimed thin margins in advertisement business....

6. TP adjustment - notional interest - short term advances made by the assessee to its associated enterprises - The assessee being unable to establish with evidence the...

7. Deemed dividend u/s 2(22)(e) is not taxable in the hands of the assessee company if it is not a shareholder in the companies that extended loans. It is chargeable to tax...

8. Deduction u/s 80 JJAA - the deduction is available for three consecutive years in respect of the additional employment created by the assessee company during the first...

9. The case involved denial of exemption u/s 11 due to late filing of return. The department argued return must be filed u/s 139(1) to claim exemption u/s 11. An amendment...

10. Exemption u/s 10B - High Court has committed a grave error in observing and holding that the requirement of furnishing a declaration under Section 10B (8) is mandatory,...

11. Validity of revised return 139(5) - Revised return did not conform to the prescription of section 139(5), before its substitution w.e.f. A.Y. 2017-18, which provided for...

12. Clam of deduction u/s 54F - assessee made the investment within the due date prescribed under section 139(4) and it was held that section 54 or section 54F for that...

13. Interpretation of Section 139(5)- whether Tribunal is right in law in holding the 'revised return' of income filed by the assessee beyond the time limit prescribed...

14. Deduction u/s 80P(2)(a)(i) was denied by invoking Section 80A(5) as the assessee failed to file a valid return of income as per Section 139. The Tribunal upheld the...

15. Disallowance on interest u/s. 36(1)(iii) - AO has compared the payment of interest @ 12%/15% on the unsecured loan obtained by the assessee with the interest amount...