Home Highlights August 2012 Year 2012 This

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1. Waiver of interest u/s 234B - The petitioner had failed to pay advance tax by wrongly claiming business loss/depreciation loss during the assessment years 1988-89 to...

2. Classification of goods - CNG Dispenser manufactured and supplied by the Applicant - Section XVI of the GST Tariff covers Chapter Heading 84 and 85 of the GST Tariff....

3. LTCG - year of assessment - The Tribunal noted discrepancies in the year of taxability claims, stating that the original Joint Development Agreement (JDA) underwent...

4. Allowability of business loss - the embezzlement by one of the Directors/employee during the ordinary course of business is a pilferage of the company funds can be a...

5. Set off of brought forward business loss - mistakes in previous years for not claiming benefit of set-off - 8 years time limit provided in the statute - The ITAT found...

6. Loss due to embezzlement by an employee - loss on account of theft be treated as business loss - no interference reuired - - HC

7. Levy of penalty u/s 271(1)(c) - it was the assessee which has actually provided all the details in respect of value of properties which were purchased from Financial...

8. Dis-allowance of insurance claim written off - This amount was written off in the year 1993-94 - in the assessment year 1993-94 no theft was committed, but, it was in...

9. Loss of precious metal - Notional loss or actual loss - Abnormal loss incurred by the assessee can be treated as revenue expenditure to be allowable during this year or...

10. Tribunal was not justified in holding that the assessee was liable for interest u/s 139(8)/217 for the AY 1988-1989 and interest u/s 234A & 234B for the AY 1989-1990...

11. Treatment of the currency seized during the search and seizure operations conducted u/s 132 - Adjustment with advance tax liability - levy of interest u/s 234C - at the...

12. Claim of deduction against Embezzlement of funds by the employees of the assessee-society - Undisputedly, no doubt has been cast on the embezzlement of funds -...

13. The loss caused by embezzlement by the employee was incidental to the employment and entrustment of duty and should be allowed in computing the business income of the...

14. Disallowance of expenditure - loss by embezzlement by employees should be treated as incidental to business and the same should be allowed as deduction in the year in...

15. Disallowance of interest and financial expenses was not justified as the appellant paid interest and financial expenses to State Bank of India, Overseas Branch,...