Home Highlights January 2015 Year 2015 This

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1. Assessee voluntarily declared income under "income from other sources" in return. AO disallowed deduction claimed for coordination and settlement expenses due to lack of...

2. Exemption u/s 11 was not claimed in original return due to auditor's mistake in Form No. 10B. Assessee rectified mistake by filing revised Form No. 10B. Statutory claim...

3. Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

4. Disallowance of various expenses on ad hoc basis - While scrutinizing the expenditure if the expenses claimed are not having any nexus to the business of the assessee or...

5. Claim of Duty Drawback on supplies from DTA to EOU - eemed export drawback - supplier being claim cenvat credit, the method / route for claiming duty drawback - via...

6. The assessment u/s 143(3) was completed, disallowing the deduction u/s 10B on grounds that processing iron ore does not constitute manufacturing within Section 10B's...

7. Revision u/s 263 - as per CIT AO had wrongly allowed the assessee exemption of capital gains claimed u/s 54B - Tribunal found that neither any inquiry was made by the AO...

8. Exemption u/s 11 and 12 - assessee failed to file the Audit Report in Form 10B along with the Return of Income - None of the authorities had any occasion to verify Audit...

9. Valuation of export goods - rejection of declared value - claim of duty drawback wrongfully - the said concealment was nothing but an afterthought to cover up the...

10. Disallowing the exemption claimed u/s 54/54F - sale of the bungalow as well as the land - assuming the assessee has claimed deduction under section 54F of the Act, then...

11. Offshore unit in Dubai treated as proprietary concern, profits taxable in assessee's hands. AO's addition disallowed based on ITAT's consistent rulings favoring assessee....

12. Reversal of Duty Drawback - Advance Licence and duty drawback are mutually exclusive or not - The Circular proceeds on the basis that the inputs that are duty exempt...

13. The ITAT Chennai ruled on LTCG deduction u/s 54, stating that investment in more than one property is not allowed. Assessee invested in two distinct properties in...

14. Seeking defreezing of petitioner’s bank account - export under Duty Drawback Scheme under Section 75 of Customs Act, 1962 - The petitioner claimed duty drawback under...

15. Refund claim - Duty Drawback - export as zero rated supply - at present there is no embargo for processing the Refund claims and Duty Drawback claims filed by the...