Home Highlights May 2016 Year 2016 This

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1. Addition u/s 68 - Estimation of commission on accommodation entries - Though, it can be accepted that in case of accommodation entry provider only commission can be...

2. Estimation of commission income - Providing Accommodation entries - Unexplained deposits/loans - when a person is engaged in the clandestine activities of providing...

3. Rate of commission on accommodation entries - CIT(A) has applied correct estimate of rate of commission income @2% which is reasonable and appropriate - AT

4. Accommodation entries - Estimation of income - the addition cannot be made on the basis of any hypothesis presumption albeit it has to be based on evidences or material...

5. Estimation of income - “real income/commission income” - Unexplained deposits in bank account - the assessee is engaged in the business of “cheque discounting” in order...

6. Disallowance of commission paid - excessive expense on commission - the average rate of commission paid by the assessee to others in respect of rice was 20, but rate of...

7. Rate of GST - old rates of GST or new rates - ongoing projects construction of which had started before 01.04.2019 - definition of ‘affordable residential apartment’ has...

8. Validity of Cheque/DD/ Pay Order etc will be 3 months w.e.f. 01.04.2012.

9. Rates of Tax on Goods - Schedule 3 - IGST @ 18% - CGST @ 9% - SGST / UTGST @ 9% - GST

10. Addition made u/s 40A(3) - payment through bearer cheques - payment made otherwise than by cheque or crossed cheque - since the entries in the bank statement reflects...

11. Rationalization of provisions related to the valuation of residential accommodation provided to employees - For uniform method of computation of value of perquisite,...

12. Estimation of commission income on accommodation entries - while deciding identical issue in assessee’s own case, the Tribunal, has upheld estimation of commission...

13. This case pertains to the dishonor of cheques and the challenge to cognizance and summoning orders. The key points are: The cheques were signed and issued by respondent...

14. Addition u/s 68 - Estimation of rate of commission - brokerage rate on various bogus transactions - Inasmuch as the assessee accepted the commission at 0.6% by not...

15. Benefit of exemption - commission earned from auctioning of flowers - principal agent relationship - agricultural produce or not - The commission earned from auctioning...