Home Highlights February 2015 Year 2015 This

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1. The court held that the notices issued u/s 133(6) and the subsequent notice u/s 148 of the Income Tax Act were invalid. The petitioner had filed a reply to the notice...

2. Penalty u/s. 274 r.w.s. 272(2)(c) - not furnishing the information called for u/s 133(6) - As the assessee has not offered any valid reason for not furnishing the...

3. Addition u/s 68 - AIR information - AO before making such addition on the basis of ITS information from the office of Sub Registrar should have issued a notice u/s....

4. Penalty u/s 272A(2)(c) - non compliance of notice u/s 133(6) - Since there is no reasonable cause furnished by the assessee as mentioned u/s 273B for non furnishing of...

5. Penalty u/s 272(A)(2)(c) - compliance was made after a delay of 498 days from the date prescribed in the notice U/s 133(6) to the Branch of PNB abnk - there was only one...

6. The High Court found procedural irregularities in a faceless assessment process. The Assessing Officer (AO) did not refer to summons u/s 133(6) in the show cause notice,...

7. Disallowance of Expenses - AO erred in appreciating that nonreply of Section 133(6) notices cannot necessarily lead to disallowance of petty expenses ranging from Rs....

8. Genuineness of purchases - non compliance of notices u/s 133(6) - non of entities declared as Hawala/Bogus dealers by any of the authorities - assessee was able to...

9. Income-tax Officer (Intelligence) authority to issue notice u/s 133(6) - Jurisdiction of Income Tax Authorities u/s 120 - From the reliance on the notification dated...

10. Revision u/s 263 by CIT - payment of job work charges - The job work in the form of labour are done on the different locations and once the project is completed, the...

11. Bogus purchases - addition @ 12.5% of the bogus purchases - accommodation entries - no actual delivery of goods - notices issued u/s 133(6) were returned back unserved...

12. Amendment to Section 133(6) is constitutional valid - enough safeguard has been provided towards right to privacy - Co-operative Banks are expected to give out the...

13. Reopening of assessment u/s 147 - bogus transactions or accommodation entries involving the assessee - the petitioner was issued a notice under section 133(6) of the...

14. Reassessment u/s 147 - fictitious F&O loss by manipulative client code modification - return was originally processed u/s 143(1) and notice u/s 148 was issued within...

15. AO cannot make the addition u/s 69C by merely relying on information obtained from the Sales Tax Department, the statements/ affidavits of third parties, without the...