Home Highlights February 2015 Year 2015 This

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1. The High Court held that GST Authorities cannot launch prosecution invoking penal provisions under the Indian Penal Code without invoking penal provisions of the GST...

2. GST Authorities invoked penal provisions under Indian Penal Code against the petitioner without invoking penal provisions of GST Act, despite the alleged offences being...

3. ITAT ruled on two issues: 1) Disallowance of contingent provision under 36(1)(viia)(d) as unascertained liability. AR cited new provision allowing NBFCs to make...

4. Penalty invoking the provisions of section 271D - Managing Director of the assessee company had extended cash to the company - loan or deposits u/s 269SS - By invoking...

5. Addition u/s 14A r.w. Rule 8D(2)(iii) - In the present case, wherein the assessee does not offer any disallowance under Rule 8D(2)(ii) in respect of exempt income, then...

6. Revision u/s 263 - We fail to understand the relevance of the balance sheet of the loanees for establishing their creditworthiness when all other relevant documents for...

7. Clarification in relation to applicability of provision of Customs Act to Cruise Tourism

8. Money Laundering - proceeds of crime - Provisional attachment of properties - Interest of Depositors - The High court recognized the primary aim of the APPDFE Act to...

9. Reopening of assessment u/s 147 - In absense of meeting the mandatory requirement of belongingness of the seized documents with the appellant, the AO was not within his...

10. Rectification u/s 154 - Rate of tax u/s 115BBE on undisclosed investment - AO has not invoked the provisions of section 69 at first place while passing the assessment...

11. Provisions of section 40A(2)(b) couldn't be invoked mechanically and simply for the reason that the payment was made to a group concern

12. Gold Monetisation Scheme Liberalized to make it more attractive for potential depositors

13. The assessee, a university, claimed exemption u/s 10(23C)(iiiab) for the relevant assessment year, which was accepted by the Assessing Officer (AO) after considering the...

14. Determination of FMV of shares - section 56(2)(vii)(c)(ii) - AO is expected to examine the applicable provisions during the assessment proceedings. However, when the...

15. Revision u/s 263 by CIT - addition u/s 40A ignored by AO - expenses have been incurred in cash exceeding Rs. 20,000/- per day - AO is expected to examine the provisions...