Home Highlights August 2015 Year 2015 This

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1. Additions u/s 69C - purview and scope of section 69C is totally different from the disallowance of expenses found to be not genuine - The basic premise with the CIT...

2. The assessment reopening u/s 147 read with Section 148 was found to be unsustainable due to the lack of independent application of mind by the Commissioner of Income Tax...

3. Addition u/s 69 - CIT confirmed the additions by Changing the section to section 69C - Addition made by the AO u/s 69 of the Act cannot be converted into Sec. 69C of the...

4. Assessment u/s 153A/153C - addition on account of income from undisclosed sources - CIT(A) has given a categorical finding that the seized material belonged to the...

5. Addition made u/s 69C – Reference made to DVO u/s 142A - If the intention of the Legislature to include unexplained expenditure as contemplated in Sec.69C of the...

6. Jurisdictional issue regarding notice u/s 143(2) was addressed, with ITAT holding that the initial notice by ACIT, Circle-5(1), Delhi was within time, and subsequent...

7. Addition u/s 50C r.w.s. 56(2)(vii) (b) - the buyer of the property - The Tribunal (ITAT) ruled that since the assesses were buyers, Section 50C did not apply, and...

8. Additions u/sec 68 in respect of sale of shares and u/sec 69 in respect of estimated commission expenditure - The Tribunal, relying upon the judicial precedents, found...

9. Addition made on account of informer information expenses - Additions u/s 69C - In this case, details of informants have to kept secret and the assessee has supplied...

10. Addition u/sec. 69A - receipt of on-money - it is an admitted fact that no money was found at the time of survey conducted u/sec. 133A, however, certain information was...

11. Assessment u/s 153C - Addition u/s 69A - Certain incriminating documents/information contained in the seized material pertained to the assessee, the proprietor found...

12. Additions towards Unsecured loans and interest paid thereon u/s 68 & 69C - in respect of interest paid, TDS was deducted u/s 194A - in respect of payment of interest to...

13. Addition made u/s 69C - Unexplained huge expenditure to earn Agriculture income - once the assessee has not made any investment, the addition made u/s 69C of the Act is illegal.

14. Addition u/s.69C - unexplained expenditure - Admittedly, in the first round of proceedings, there was no addition made u/s. 69C by the revenue. AO could not have made...

15. Addition on account of sale of sale of jeera bag - CIT(A) deleted the additions by holding that the assessee only earned commission income in such sale - in the...