Home Highlights September 2012 Year 2012 This

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1. Customs duty concession case remanded due to violation of principles of natural justice by not providing relied upon documents. Department denied copies of investigation...

2. Offence under SEBI - Petitioner seeking documents relied upon by the Respondent-SEBI - Inquiry is in process - The documents relied upon for formation of opinion under...

3. AO can rely upon declaration made under VDIS

4. Assessee failed to file return of income u/s 139 but received notice u/s 148. Despite opting for presumptive taxation scheme u/s 44AD, which does not require maintaining...

5. The assessee, a Nagar Palika Parishad, failed to collect tax at source (TCS) on payments received for granting a license for a parking lot. However, the assessee...

6. Addition u/s 68 - SEBI’S order heavily relied upon by the AO - the allegation that the assessee and/or Ashita Stock Broking Ltd. getting involved in price rigging of...

7. The assessee borrowed loans from financial institutions at an interest rate of 12.75% and advanced loans to group companies or relatives at 12% interest rate. The...

8. The Assessing Officer (AO) failed to conduct relevant inquiries regarding the shares held as penny stocks by the assessee in GCM Securities Ltd. The Principal...

9. The assessee claimed that the deductor had deducted tax but failed to deposit it with the Central Government, leading to a mismatch between tax credits claimed and...

10. The High Court quashed the order denying waiver of interest charged u/s 234C, holding that the Chief Commissioner of Income Tax failed to consider the petitioner's...

11. Refund of CENVAT Credit - the credit was reversed under GST Law at the time of filing refund claim. - It is very strange that the learned Commissioner (Appeals) has...

12. The assessee had demonstrated the genuineness of the share transaction resulting in long-term capital gains, which were claimed as exempt u/s 10(38). The Revenue...

13. The assessee, a professional stock broker, claimed loss on trading of shares which was disallowed by the Assessing Officer (AO) on the grounds that the trades were not...

14. Clandestine removal - cross-examination of persons whose statements were relied upon - As per Section 9D, the provisions are clear that, before relying on the statement...

15. Clandestine removal - Jurisdiction - The statement of the Managing Director recorded under Section 14 of the Act of 1944 could be relied upon and treated as a relevant...