Home Highlights December 2014 Year 2014 This

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1. The case pertains to the revision of an assessment order u/s 263 regarding the applicability of the higher tax rate u/s 115BBE on unexplained expenditure u/s 69C. The...

2. Case involved revision u/s 263 by the Commissioner of Income Tax (CIT) setting aside assessment order regarding rent recovered from specified persons and treatment of...

3. Revision u/s 263 - When the order of the AO suffers from a complete lack of enquiry, then the above said principle has no application due to the obvious reason that the...

4. Computation of short term capital gain - allowable expenditure u/s. 48 - management fees - The Tribunal observed that there were contradictory decisions regarding the...

5. Revision u/s 263 - the issue was duly considered by Ld. AO after considering assessee’s detailed submissions. The view could not be said to be unsustainable view and it...

6. Revision u/s 263 - The principal of the law emanating that when two views are legally possible and AO adopts one view the Assessment Order cannot be said to be erroneous...

7. Revision u/s 263 - carry forward of losses on sale of shares - where there are two possible views and the Assessing Officer has taken one of the possible views, no...

8. Revision u/s 263 by CIT - sale of impugned land measuring 10.162 acres below the stamp duty value - under the given circumstances, it can be safely concluded that the...

9. If two views are possible & AO accepted one view – CIT can not revise the order u/s 263 – HC

10. Revision u/s 263 by CIT - if the AO has adopted one of the two or more courses permissible in law and it has resulted in loss of revenue, or where two views are possible...

11. Cheque was bounced due to Insufficient Funds - nature of transactions - accused submitted that it had issued the cheque in question only on account of security against...

12. Revision u/s 263 by CIT - Total power subsidy and TUF subsidy were wrongly declared by the assessee - When AO adopted one of the courses permissible in law and it has...

13. Depreciation on JCB Excavator, Motor Grader and Soil Compactor used in the business of construction of road exclusively - @ 15% OR 50% - if there are two views possible,...

14. TDS u/s 194H - Whether sale of recharge vouchers and prepaid vouchers and prepaid cards to the sole distributors does not establish Principal-Agent relationship liable...

15. Penalty u/s 271C - TDS u/s 194H - It is undisputed fact that this is debatable issue having two possible views and the assessee was of the view that it was not under...