Home Highlights April 2018 Year 2018 This

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1. Surrender of Sale (income) - whether unaccounted sundry debtors are part of surrendered sale - Held yes - Assessing Officer was not justified in splitting this...

2. Nature of income surrendered during the course of survey - Addition u/s 69 r/w section 115BBE or business income - Where the assessee has subsequently recorded the same...

3. Rectification proceedings u/s. 154 - Unexplained investment addition u/s 69 - The case involved the treatment of surrendered undisclosed income under the head of...

4. Reopening of assessment u/s 147 - Unaccounted income - As seized document is a piece of evidence which play a vital role to determine the income of the assessee. But...

5. Nature of surrendered income - Claim of deduction under Section 80HHC on account of export - HC

6. Assessee surrendered income during survey u/s 133A as unaccounted professional receipts, which AO accepted as professional income taxable at normal rates. PCIT invoked...

7. Applicability of provisions of Section 40A(3) in respect of unaccounted business expenses incurred in cash - Admittedly, the seized document contains unaccounted income...

8. Segregation of the surrendered income from business income - surrendered income can be taxed as deemed income without setting off of the losses u/s 70 & 71 - HC

9. Unexplained investment in land purchase - society's purchase in its name or trustees' names - CIT(A) considered money not paid by society from income but sourced from...

10. Deduction of unaccounted expenses from Unaccounted income - Applicability of provisions of Section 40A(3) - Admittedly, the seized document contains unaccounted income...

11. Nature of income surrendered during the course of survey u/s 133A - deemed income u/s 69 and 69A or business income - The surrender on account of advances were relating...

12. Treatment of income surrendered during the survey - income subject to special rate of tax OR Business income - provisions of section 115BBE without allowing set off of...

13. Disallowance of the set off of the business loss with surrendered income - the surrendered income, in respect of which the entries had already been made in the books of...

14. Set off of brought forward business loss of earlier years - We also see no conflict in an income being taxable under the head profits and gains from business or...

15. Income surrendered in survey action - undisclosed professional income - In fact, no such income has been found during the survey action. However, the assessee to keep...