Home Highlights February 2016 Year 2016 This

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1. Assessee voluntarily declared income under "income from other sources" in return. AO disallowed deduction claimed for coordination and settlement expenses due to lack of...

2. Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

3. The Income Tax Appellate Tribunal (ITAT) allowed the assessee's appeal and admitted additional evidence. The assessee did not disclose income from other sources, which...

4. Income assessed in hands of Appellant as Representative Assessee. No credit for prepaid taxes availed by beneficiaries. JCIT(A) directed AO to verify claim of prepaid...

5. The Commissioner of Income Tax (Appeals) confirmed additions from unsecured loans and capital introduced by the assessee during demonetization. The Assessing Officer...

6. Excess work in progress detected during survey was accepted by assessee as income u/s 69B, taxable at 30%. Assessee claimed such income as part of closing stock to be...

7. Advance tax payment obligation does not apply when assessee claims agricultural land sale proceeds are exempt u/s 2(14). CIT(Appeals) should admit appeal for...

8. Grant received from holding company as capital receipt - AO has not specifically invoked section 56(2). The dubious method adopted by the assessee of claiming the...

9. The Income Tax Appellate Tribunal considered whether an assessee can claim deduction under Chapter VI-A of the Income Tax Act, 1961 for the first time in the return...

10. Order imposing penalty u/s 270A of the Income Tax Act is appealable before the Commissioner of Income Tax (Appeals) u/s 246A. The CIT(Appeals) erred in dismissing the...

11. Procedural lapses in e-filing return acknowledged. Deduction denial u/s 80P despite assessee not appealing Section 143(1) intimation. Department obligated to assess...

12. Interest income earned by a co-operative society formed and managed by the Government, in its regular course of operations, forms part of revenue attributable to...

13. The Income Tax Appellate Tribunal (ITAT) held that the assessee is entitled to the concessional tax rate of 10% on royalty income u/s 115BBF, as the assessee had...

14. Deduction on municipal taxes – Income declared as income from other sources – claim of expenditure/deduction of actual payment made by the assessee in respect of the...

15. The assessee failed to file income tax returns and produce books of accounts. The Commissioner of Income Tax (Appeals) passed a detailed order computing income after...