Home Highlights March 2016 Year 2016 This

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1. 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...

2. Addition being 40% of cash balance shown in the balance sheet as income of the assessee - A.O without any basis, simply says that the cash in hand is excessive and...

3. Unexplained deposits in the bank - sale of land - Affidavit of assessee is a self serving document, therefore, on the basis of affidavit, the additions made by the AO...

4. Disallowance of interest u/s 36(1)(iii) towards interest expenditure - allegation that assessee company diverted its “interest bearing funds” for giving “interest free...

5. Assessment u/s 153A - Addition based on the valuation report - completed assessment - nature of material found in the course of search which led to impugned additions -...

6. Additions towards interest received from the firm on the capital deployed in the firm by the Partner - Since the assessee has already offered the income being the...

7. Blocking of a supplier's credit ledger by mentioning 'Registration of supplier has been cancelled' without issuing a show cause notice violates principles of natural...

8. Additions towards difference in interest income between interest as per Form 26AS and interest income shown in the Return of Income - Since the alleged accommodation...

9. Additions made u/s 69B - excess stock found during survey - assessee contended that as per the books during the course of survey was without the opening stock - no merit...

10. Estimation of business income - The learned CIT (A) confirmed addition merely harping on non-compliance by assessee before the Assessing Officer and not applying his...

11. Held that assessment order without DIN but separately intimated to assessee is valid as per Supreme Court order. Approval of draft assessment order mentioned, no...

12. Addition towards interest on advances to partners - interest free advances given to partners - Disallowance of interest for diversion of funds - Additions confirmed.

13. Ex-parte order - Non compliance of notice issued by the Authorities and non appearance before the Authorities inspite of repeated notices/summons is dis-regard towards...

14. CENVAT Credit - input services or not - service of repairs and renovation of factory premises - The allegation in the show cause notice to deny service tax is without...

15. Assessment of trust - donation in corpus fund and in non-corpus fund - The addition stood made without confronting the assessee in this regard and thereby violating the...