Home Highlights November 2016 Year 2016 This

You may also like:

1. Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

2. Estimation of income - bogus purchases - case of bogus bills arranged from the entities and diamonds purchased from somewhere else at a lower cost - The ITAT noted the...

3. Disallowance of TDS on account of mismatch & later on TDS matched but AO not given credit - Although the rectification application was filed beyond the permissible time...

4. Delhi Tribunal grants additional depreciation on assets purchased for power generation - Article

5. Restriction of disallowance - Bogus purchases - Restriction of disallowance @30% of total disallowance – addition of 12.5% net profit on bogus purchase is reasonable - AT

6. Bogus purchases - addition made towards entire bogus purchase - Assessee has literally wasted precious time of the AO by once again issuing notices and summons to the...

7. Disallowance made on account of bogus purchases - AO directed the disallowance to 25% of purchases instead of the total purchases made by the AO. - AT

8. Estimation of income - Bogus purchases - The doubt, if any, is only with regard to the source of purchases. In such circumstances, the entire purchases cannot disallowed....

9. Entertainment tax subsidy - capital or revenue receipt - disallowance u/s. 37 - AO made ad hoc disallowance u/s. 37 @ 10% of expenditure. However, the said disallowance...

10. Disallowance of expenditure incurred under Voluntary Retirement Scheme (VRS) - AO has not examined the details as per the directions of the DRP and has made disallowance...

11. Disallowance of software expenses - Disallowance is in respect of expenditure claimed towards “repairs - computers-annual maintenance” and “Repairs-computers-others” -...

12. The ITAT held that interest disallowance was not justified as borrowed funds were invested in equity shares, not loans. Disallowance of land acquisition cost was...

13. Disallowance on account of Sponsorship of Doctor’s Overseas Tours - there is no need to make the said disallowance simply because in some other case, a disallowance made...

14. The ITAT Raipur held that no disallowance of interest expenditure was warranted u/s 14A as the assessee had sufficient self-owned funds. Citing the Bombay High Court and...

15. Disallowance of purchase made from sister concerns - Making disallowance of purchase just because they are from sister concerns/ related parties, Memorandum of...