Home Highlights January 2015 Year 2015 This

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1. Unexplained cash credits - accommodation entries - addition under Section 68 cannot be made in the case of the conduit companies - addition made under Section 68 in the...

2. Protective addition on account of unexplained credit entries appearing in the bank account - assessee company is a conduit - addition on account of unaccounted...

3. Accommodation entries - Estimation of income - the addition cannot be made on the basis of any hypothesis presumption albeit it has to be based on evidences or material...

4. Reopening of assessment - accommodation entries - nothing concrete was brought on record to substantiate that the assessee received any entry or made payment for...

5. Reopening of assessment u/s 147 - Sham transaction - accommodation entries - during the search directors of the company admitted of providing accommodation entry, which...

6. Reopening of assessment u/s 147 - ‘reasons to suspect’ or ‘Reasons to believe’ - The manner in which the reasons have been recorded make it appear that the assessing...

7. The assessee received share application money and premium from a company that admitted to providing accommodation entries. The AO rejected the assessee's claim, citing...

8. Addition u/s 68 - Onus to prove - The theory of conduit company is not acceptable as, for being a conduit company, the assessee is duty bound to establish that the...

9. Assessment u/s 153A - estimation of value of accommodation entries - The AO has computed the accommodation entries amount at the rate of 0.25% on hypothetical manner...

10. Estimation of commission income - Providing Accommodation entries - Unexplained deposits/loans - when a person is engaged in the clandestine activities of providing...

11. Addition u/s 68 - accommodation entry - issue of shares for consideration other than 'cash' - "Adjustment by way of book entry" can only be in the case where there is...

12. Addition u/s 68 - Estimation of commission on accommodation entries - Though, it can be accepted that in case of accommodation entry provider only commission can be...

13. Addition u/s 68 - share capital and share premium - any addition which deserved to be made should have been made in the hands of the share applicants who have shown...

14. Reopening of assessment u/s 147 - Reopening beyond period of four years - reasons to believe - Even assuming, Revenues’ case is petitioner should have disclosed that...

15. Accommodation entries - if the shares were of some fictitious company which was not listed in the Bombay Stock Exchange/National Stock Exchange, the shares could never...