Home Highlights December 2011 Year 2011 This

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1. Addition u/s 68 as accommodation entries - long term capital gain on sale of shares as sham/bogus transaction - Mere suspicion cannot be a ground for treating the...

2. Royalty receipts were subject to transfer pricing adjustment by TPO on basis of differences in amounts reflected in Form 3CEB of assessee vis-à-vis its group entities,...

3. Addition u/s 68 - bogus share transactions - as alleged transactions in shares, “penny stock” are fraudulent and accommodation entries - The Appellate Tribunal noted...

4. Additions against Over-invoicing of Purchases - The Tribunal found that the AO's selective reliance on pieces of evidence without considering the entirety of the...

5. Addition u/s 68 - Bogus share transactions - accommodation entries receipt - all these shares in the preceding as well as in the current year were purchased from various...

6. Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

7. Addition on account of diversion of income - The assessee is a simple dealer in grains and obviously does not have any big brand name of his own but simply purchasing...

8. Addition on account of inflation of purchases - suppliers were not maintaining the stock register and their books of accounts were rejected at the time of assessment...

9. CIT(A) determined profit at 5.47% on total purchases. Assessee produced sufficient evidence regarding purchases, movement of goods, GST payment on transportation,...

10. Allowability of Derivative loss - separate addition on account of alleged payment of margin monies on an estimated basis - The Tribunal emphasized that in derivative...

11. The ITAT Mumbai held that addition as unexplained income based on accommodation entries lacked proof of transaction nature, creditworthiness, and genuineness. AO's...

12. Addition u/s 69B - applicability of Section 50C - difference between the market value assessed by the stamp authority and the purchase price as shown by the respondent...

13. Transfer Pricing Adjustments - Purchase of Development Rights - capital transactions and their treatment - The tribunal addressed several crucial issues regarding the...

14. Assessment u/s 153A - Addition of bogus purchases on protective basis in the hands of the assessee - Unless, it is brought over knowledge the fate of substantive...

15. Addition u/s 94A - transactions with persons located in notified jurisdictional area - We note with the able assistance of both the parties that the CIT(A) has nowhere...