Home Highlights June 2016 Year 2016 This

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1. Disallowance of research and development expenses - the AO as well as the CIT (A) has disallowed the R & D claim made by the assessee mainly for the reason that no...

2. Transfer of property deemed as short-term capital gain due to holding period less than 36 months, disallowing deduction u/s 54F. Additions for difference in commission...

3. Works contract - computation of taxable turnover - Claims of deductions on account of labour and services under various heads - while allowing certain heads of expenses...

4. Penal Charges paid to Sister Concern towards cost of storage - deduction disallowed - AT

5. The assessment u/s 143(3) was completed, disallowing the deduction u/s 10B on grounds that processing iron ore does not constitute manufacturing within Section 10B's...

6. The High Court examined the validity of reopening assessments based on the report of the District Valuation Officer (DVO). It distinguished between "reason to believe"...

7. Deduction u/s 80P(2)(i)(a) - Additions u/s 68 - For a reason recorded and accepted by all the authorities, the 5% of the expenditure booked against interest paid to...

8. Section 80P deduction claim filed in a return submitted in response to notice u/s 142(1) is valid. The Income Tax Act does not mandate that the return must be filed u/ss...

9. Valuation of goods - Inclusion of freight charges - invoices show the freight charges separately - freight charges not to be included in the value - AT

10. The court quashed the impugned orders rejecting the appeal as the appellate authority failed to assign any reasons, violating principles of natural justice. It is...

11. Valuation - Non-inclusion of freight - The freight amount not being shown in the invoice or some additional income has come to the appellant from freight charges cannot...

12. Deduction u/s 80RR - playback singer - remuneration in foreign currency - deduction allowed where certificate in the name of assessee - deduction disallowed where...

13. Reopening of assessment u/s 147 - reason to believe - Claim of deduction on account of payment made to settle a class action suit - AO observed the same as in the nature...

14. Various issues related to allowability of expenses, deductions, transfer pricing adjustments, and other income tax matters for a pharmaceutical company. Key points are:...

15. Valuation - freight - there is no doubt that even though the freight was paid by M/s TISCO, since invoice does not show freight separately, the freight is deemed to be...