Home Highlights August 2012 Year 2012 This

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1. Addition u/s 69C - Low withdrawals for household expenses - AO did not point out any specific circumstances by which he assumed that assessee had made low withdrawals as...

2. Addition u/s 69C – addition on the ground that assessee deducted TDS on higher value and issued TDS certificate for higher amount - assessee explained the reasons - no...

3. Addition u/s 69A on the ground of household expenses - no evidence prodced that any drawings made by wife of assessee for contribution to household expenses - addition...

4. Jurisdictional issue regarding notice u/s 143(2) was addressed, with ITAT holding that the initial notice by ACIT, Circle-5(1), Delhi was within time, and subsequent...

5. Addition made u/s 69C - Unexplained huge expenditure to earn Agriculture income - once the assessee has not made any investment, the addition made u/s 69C of the Act is illegal.

6. Addition u/s 69C - CIT(A) deleted the addition - in order to invoke the provisions of sec. 69C, should give a categorical finding that the assessee has incurred any...

7. The Assessing Officer (AO) made additions u/ss 69C and 68 for undisclosed credit card expenditures in foreign currencies based on material found during a survey. The...

8. The CIT(A) partly allowed and restricted the addition on account of commission expenses at 0.25% as compared to 2% adopted by the Assessing Officer. The coordinate bench...

9. Addition u/s 68 - Cash deposited in Bank - Assessee re-circulated those moneys by way of deposits, withdrawals and redeposits in the Bank A/c from time to time and the...

10. Additions towards Unsecured loans and interest paid thereon u/s 68 & 69C - in respect of interest paid, TDS was deducted u/s 194A - in respect of payment of interest to...

11. Addition on account of household withdrawal – assumptions and presumptions - The presumption made by the AO and estimation made was very much realistic - AT

12. Addition u/s 69A - Unexplained Cash - household expenses - It is pertinent to mention that in the cash flow the assessee has also shown household expenses for her...

13. Addition in assessment u/s 153C - Addition u/s 69 - addition on basis of loose papers on which name of the appellant was mentioned along with some other parties - The...

14. Additions towards Undisclosed profit made on the basis of the seized documents - ITAT deleted the additions - Now, look at the reasons given by the tribunal. It cast a...

15. Additions towards VAT component of unaccounted sales - Since, the net profit of the assessee has been estimated on total turnover, there is no need for separate...