Home Highlights April 2016 Year 2016 This

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1. The assessee made investments in two firms by purchasing cold storage units funded by M/s. A.R. Constructions, where the assessee is a managing partner. The source for...

2. Reopening of assessment u/s 147 - Addition u/s 68 - unexplained share premium - While recording the reasons for reopening the assessment, the AO did not even care to...

3. Additions on account of Bogus unsecured loans and bogus share capital money - Revenue argued that the unsecured loan from entities controlled by a hawala operator should...

4. Disallowance u/s. 2(22)(e) - assessee has received unsecured loan and assessee company from whom it has obtained unsecured loan there were two common directors - Since...

5. Addition u/s 68 - share capital and share premium received - The assessee had sufficient opportunity to place the facts and also to explain the nature and source of...

6. Addition u/s 68 - Since the assessing officer treated the unsecured loan as unaccounted received consequent interest was also disallowed. AO without any material...

7. The Appellate Tribunal dismissed the assessee's appeal regarding the revision u/s 263 concerning unsecured loans received. The Principal Commissioner found that the...

8. The High Court held that the reopening of assessment u/s 147 was not justified. The mere existence of an outstanding unsecured loan in the assessee's balance sheet did...

9. Capital gain on sale of shares - market price or agreed price - transfer of shares by obtaining interest free loans for a long tenure coupled with call option agreements...

10. Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition...

11. Capital gain or salary received - Recognizing the compensation received by the assessee as the share holding of the company - the amount received quivalent to the...

12. Correct head of income - sale consideration received by the assessee from redemption of preference shares including the premium- capital income or income from other...

13. The Appellate Tribunal held that the Assessing Officer erred in making additions u/s 68 for unsecured loans and disallowing interest component. The assessee demonstrated...

14. Addition u/s 68 - share application money received as unaccounted cash credit - identity and creditworthiness of the share subscribers and genuineness of the transaction...

15. Unsecured loans added as unexplained cash credit u/s. 68 - assessee has failed to prove the creditworthiness of the five loan creditors and therefore failed to...