Home Highlights August 2012 Year 2012 This

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1. The case pertains to the validity of reopening of assessment and addition made u/s 68 as unexplained cash credit. The key points are: The assessee had duly recorded the...

2. The assessee failed to claim the Minimum Alternate Tax (MAT) credit in the original income tax return and did not file a revised return. The Assessing Officer (AO) did...

3. Assessing Officer directed to allow set off of current year's business loss as well as the brought forward business loss/unabsorbed depreciation against the income...

4. Set-off of current year losses against the addition made u/s 68 - going through sub-Section (2) of Section 115BBE of the Act, the words “set off of any loss” appearing...

5. Incorrect set off of brought forward business loss and unabsorbed depreciation - The working of the Ld. AO contains the mistakes as they are not in consonance with the...

6. 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...

7. Revision u/s 263 - unexplained credits - set off of net loss from capital assets with cash credit - applicable rate of tax @30% u/s 115BBE on unexplained cash u/s 68 -...

8. The ITAT Mumbai addressed errors in capital gain computation. The Assessee's claim of ₹ 859,680 was accepted over the AO's ₹ 791,221. An application u/s 154...

9. Addition unexplained cash credit u/s 68 - shares were issued at premium to certain companies in lieu of the shares held by the said companies and there was thus no...

10. Unexplained cash credit - Profit from commodity trading on NMCE - Though no infirmity either emerges as regards the assumption of jurisdiction by the A.O for reopening...

11. Set off of losses with the surrendered income - the restriction shall apply to assessment year 2017-18 onwards. Accordingly, for the year under consideration, there is...

12. Disallowing set off of losses claimed by the appellant set-off of business losses and carried forward losses against the undisclosed income - We are of the view...

13. Exemption u/s 10B - 100% EOU - there was a loss in the Unit eligible for deduction u/s. 10B and there was a business income in an another Unit. Therefore, while...

14. Unsecured loans treated as unexplained cash credits u/s 68. Interest paid on such unexplained loans also added to income. Assessee's contention of repayment of loans...

15. Rejection of the books of accounts - best judgment assessment u/s 144 - addition of the sales made in cash on account of unexplained cash credit u/s 68 - While the...