Home Highlights May 2015 Year 2015 This

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1. Credit of TDS can be granted only when income corresponding to such TDS is assessed to tax in the same financial year. Assessee has the liberty to approach the Assessing...

2. The assessing officer made an addition u/s 41(1) on the grounds that the assessee had ceased trading liabilities, even though the assessee did not respond to...

3. Validity of assessment under section 153A - addition u/s 68 - By simply referring to General findings of investigations wing at Kolkata entry operators providing bogus...

4. Addition u/s 68 - cash credit in the books of accounts - issue of shares warrant - As assessee has submitted the complete details before the assessing officer and...

5. The High Court held that the appellate authority erred in enhancing the tax liability payable by the appellant/assessee in an appeal filed by the assessee without...

6. Penalty u/s 272A(2)(k) - assessee did not file its quarterly TDS returns within the prescribed time limit and there was a delay - In the given case, the assessee did not...

7. Reopening of assessment u/s 147 - Assessing Officer to usurp the jurisdiction to reopen the assessment - The first Assessing Officer has made the reassessment after...

8. The case pertains to the levy of interest u/s 234C for failure on the part of the payer to deduct tax deducted at source (TDS) u/ss 196D and 194LD. The key points are:...

9. TDS u/s 195 - addition u/s 40(a)(i) - Since, there was clear law by the decision of Hon'ble Supreme Court, the assessee has made payment without deducting tax at source....

10. Revision u/s 263 - bogus purchase - proof of nexus between the purchases and sales - once submission/reply filed by the assessee, pursuant to enquiry by the Assessing...

11. Penalty levied u/s 271(1)(b) - assessee had failed to provide full submissions - penalty levied by the Assessing Officer u/s 271(1)(b) of the IT Act deserves to be...

12. TDS u/s 194H - non deduction of TDS commission paid to Primary Agriculture Co-operative Society (PACS) The Tribunal analyzed guidelines issued by the State Government...

13. The ITAT decided in favor of the assessee, a doctor residing in the United Kingdom. The unexplained cash deposits in the assessee's Indian bank account during the...

14. The High Court quashed the reopening notice issued by the Assessing Officer u/s 148 for reassessment beyond the period of four years. The assessee had filed returns...

15. Deduction claimed u/s 57 against income returned u/s 56 - manner of apportioning assessee's expenses to earning income u/s 56 disputed - Revenue authorities rejecting...