Home Highlights November 2017 Year 2017 This

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1. The assessment u/s 153C mandates the recording of satisfaction by the Assessing Officer (AO) upon discovery of material likely to "have a bearing on the determination of...

2. Penalty u/s 271(1)(c) - non recording of satisfaction - When satisfaction for initiation of penalty proceedings u/s 271(1)(c) of IT Act is recorded by the AO in...

3. Assessment u/s 153C - the assessee cannot be held to be having control over what the third person records in his regular books of accounts or in the parallel books of...

4. Disallowance of contingency expenses claimed by the assessee. The Assessing Officer (AO) disallowed the contingency expenses despite acknowledging that the total cost...

5. Amendment of section 124. - jurisdiction of Assessing Officers - in a case where a search is initiated under section 132 or books of account, other documents or any...

6. The High Court held that the Income Tax authorities have the power to seek interim custody of currency notes seized and produced before the jurisdictional magistrate or...

7. Assessment u/s 153A - Unexplained investment - It is common practice during search proceedings that the revenue seizes the books of account along with incriminating...

8. Levy of penalty u/s 54(1)(14) - no papers were produced despite the fact that goods were being imported from outside the State - There is always apprehension that in...

9. Validity of satisfaction and proceedings u/s.153C - incriminating material or not - Most of the documents did not pertain to impugned assessment years or does not...

10. Warrant of Authorization u/s 132A(1) - the satisfaction has been recorded based on cogent materials on record - The submission that there is no clarity in the Warrant of...

11. Validity of assessment u/s 153A instead of u/s 153C - neither a search was initiated u/s 132 nor books of account, other documents or any assets were requisitioned u/s...

12. Assessment made u/s 144 r.w.s. 142(1) OR 153C - The Tribunal held that the assessment made u/s 144 r.w.s. 142(1) for A.Y. 2012-13, based on the satisfaction recorded on...

13. Rejection of books of accounts u/s 145 - Addition u/ss 68/69A with 115BBE - cash deposited during demonetization as unexplained credit. The Assessing Officer did not...

14. Validity of assessment framed u/s 153C - Search conducted at secret office of searched person - Definition of "Books and Books of Accounts" u/s 2(12A) includes...

15. The Appellate Tribunal held that the assessment orders issued u/s 153C for the assessment years 2011-12 and 2012-13 were beyond the jurisdiction of the Assessing Officer...