Home Highlights March 2016 Year 2016 This

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1. Exemption u/s 11 eligibility - general public utility - charging subscription as well as consultancy fees on actual - merely because the profits have been earned in one...

2. Disallowance made u/s.14A of the Act while computing book profit u/s.115JB - actual expenses debited to profit and loss account which are incurred for the purpose of...

3. Profit estimation on unaccounted turnover: AO estimated 8% profit based on seized material, which was reduced to 5% by CIT(A). ITAT held that in case of profit...

4. Eligibility to claim of exemption u/s 11 - justification of incurrence of certain expenses - payments made by the assessee Society to its members have not been shown to...

5. Profit on the sale of agricultural land - merely because for whatever reason, the assessee has earned sufficiently huge amount of profit cannot be a ground to treat the...

6. Addition u/s 14A r.w.r. 8D - There is no such provision in the statute that no disallowance of expenditure could be made on investments made in the earlier years....

7. TP adjustment - The TPO has not given any reason as to why he altered the aggregate amount of Net profit. Hence the workings made by TPO is liable to rejected. We have...

8. Interest incurred claimed as a deduction u/s. 57(iii) out of interest earned from mutual funds - In our opinion, unless funds are borrowed for making deposit to earn...

9. Deduction u/s 80IA on the enhanced expenditures made to sub-contractors - The issue of the claim of higher deduction on the enhanced profits has been a contentious one....

10. Additions on account of Client-code modification (CCM) - undisclosed profit on future and option transaction in shares - Whole basis of making additions in the hands of...

11. Revision u/s 263 by CIT - slum sale - The assessee has transferred the whole business under slump sale basis and it is fact on record that it is transferred the business...

12. Sale of the Fly Ash Bricks - Operational profit vs Ancillary profit- eligible profits - power generating units - the profits earned on sale of the bricks does not...

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. Valuation - works contract - profit earned by the Contractor to the extent it is relatable to supply of labour and service + profit attributable to labour and like...

15. Exemption from GST - providing services of theme parks and intend to construct a building namely 'SUNDHA DARSHAN MUSEUM' near Sunda Mata Temple - The primary purpose of...