Home Highlights June 2012 Year 2012 This

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1. 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...

2. 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...

3. 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...

4. 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...

5. 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,...

6. 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...

7. 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...

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

9. 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...

10. 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

11. Penalty u/s 271(1)(c) - The assessee has not failed to offer any explanation and the explanation of the assessee was not found to be false & has made bona-fide...

12. Reopening of assessment u/s 147 - reasons to believe - notice u/s 148A(b) - the case of the petitioner is covered by information specified in Explanation 1(i) of Section...

13. Seeking GST registration to be effective from retrospective effect i.e. 1.7.2017 - Migration from erstwhile tax laws to GST - Bonafide error in making application - The...

14. MAT - Exempted income - adjustment to book profit u/s 115JB - there is no mechanism provided under the clause (f) to Explanation-1 of Sec. 115JB of the Act to make the...

15. Levy of penalty u/s 271(1)(c) - assessee has surrendered and agreed for the additions at the assessment stage merely to buy peace of mind and to avoid further litigation...