Home Highlights June 2012 Year 2012 This

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1. Non-issuance of a proper Show Cause Notice u/s 73(1) of the State Goods and Services Tax Act, 2017 (AGST Act) prior to passing the impugned order u/s 73(9) violates...

2. Penalty u/s 271(1)(c) - failure on the part of legal heir of the deceased assessee to explain the source of part of the deposits - The mere failure on the part of the...

3. The circular extends the outer timeline for annual disclosures under Regulation 91C(1) and annual impact report under Regulation 91E(1) of SEBI (Listing Obligations and...

4. Penalty proceedings u/s 271(1)(c) - Assessee company failed to provide bonafide explanation for inflated expenses claimed in revised return, contrary to audited...

5. Interest u/s 234B - The term “assessed tax” has been defined in Explanation-1 of Section 234B (1). As per said Explanation-1 “assessed tax” means the tax on the total...

6. MAT - Adjustments to book profit - Disallowance as per the clause (f) to Explanation-1 of Sec. 115JB of the Act independently - there is no mechanism provided under the...

7. Penalty u/s 271(1)(c) was imposed for excess deduction claimed u/s 10B. The assessee furnished all relevant facts for computing total income, and provided detailed...

8. Penalty u/s 271(1)(c) - proof of contravention of provisions provided under explanation 5A to section 271(1)(c) - On reference to the provisions of explanation 5A to...

9. Order of settlement u/s 245D(1) - full and true disclosure in application filed u/s 245C(1) - once the assessee approached settlement Commission with a certain amount,...

10. Penalty u/s 271(1)(c) - The Revenue may or may not agree with this understanding of law of the assessee but the fact that there can be a bona fide view to that effect...

11. Imposition of penalty u/s 271(1)(c) of the Income Tax Act for two types of additions: (1) the addition made u/s 50C on the difference between stamp duty value and sale...

12. Income accrued in India - section 9(1)(i) - Explanation 5 has been given retrospective effect and Explanations 6 and 7 have been inserted in furtherance of the object of...

13. Validity of Show cause notice - jurisdiction - Inadmissible transitional credit - Education Cess (E Cess) - Secondary & Higher Education Cess (SHE Cess) - Krishi Kalyan...

14. Penalty under section 271(1)(c) - disallowance of depreciation - he explanation given by the assessee for the claim of depreciation is neither bona fide nor...

15. Imposition of Penalty u/s 271(1)(c) - The explanation given by the assessee for the depreciation claim, is neither bona-fide, nor substantiated - penalty confirmed - HC