Home Highlights February 2017 Year 2017 This

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1. Estimation of income - On Money - Unaccounted on money receipt from the real estate project - the assessing officer being investigator and adjudicator was under...

2. Estimation of net income from total ‘on money’ receipts - assessee had disclosed net profit of over 30% of total unaccounted ‘on money’ receipts - CIT(A) rightly...

3. On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled...

4. Assessment u/s 153A - computation of income from house property. Additions proposed relate to unabated assessment years from 2013-14 onwards where no incriminating...

5. Assessee's unaccounted sales were estimated based on notebooks, diaries, and WhatsApp conversations. Only real income can be taxed. While unaccounted sales existed,...

6. The Appellate Tribunal addressed the issue of estimation of income and rejection of duly audited books of accounts of the assessee firm u/s 145(3) of the Act. It held...

7. Nature of receipt - Profits in lieu of salary or capital receipt - Receipt on termination of employment - Taxability u/s 17(3)(iii) - The Tribunal considered precedents...

8. Credit for TDS - Income offered to tax on receipt basis - the assessee is eligible to claim credit for TDS in assessment year 2016-17, when such professional income has...

9. Assessee engaged in business of commission agent (Aadatia) for agricultural products. AO made addition u/s 68 treating entire cash deposits in bank account as...

10. Assessment u/s 153C - Profit estimation on money received for new construction and redevelopment projects - extrapolation of income for the search period. The assessee...

11. Tax deducted at source (TDS) credit was denied in the intimation u/s 143(1) to the assessee. The Commissioner of Income Tax (Appeals) upheld the Centralized Processing...

12. Recovery of Customs Duty with penalty after a gap of 17 years - It is the grievance on the part of the petitioner that for the entire period of 17 years, the show cause...

13. Revision u/s 263 - bogus liability towards purchases - payment in expenditure cash during the next year - The implications, if any, in respect of discharge of liability...

14. Deductibility of the amount of service tax paid under VCES, 2013 - contention of the assessee is that the amount paid was a discharge of liability which got crystallized...

15. The Income Tax Act did not intend to tax deemed rental income from properties held as stock-in-trade prior to the assessment year 2018-19. Section 23(5), introduced from...