Home Highlights February 2013 Year 2013 This

You may also like:

1. Disallowance of contingency expenses claimed by the assessee. The Assessing Officer (AO) disallowed the contingency expenses despite acknowledging that the total cost...

2. Rejection of books of account - Correct method of accounting - following cash system of accounting instead of accrual method of accounting - He has not cared to discuss...

3. The assessee bank made provisions for group gratuity and leave encashment by debiting expenses in its books, but these provisions were never treated as real expenses for...

4. Addition under the head of Vehicle Running Expenses and Repairs & Maintenance - "exaggerated expense' or "not reasonable expense". - The onus is on the Revenue to...

5. Provision for warranty expenses computed on basis of past experience and scientific basis is allowable. Assessee applied formula for provision though no past history was...

6. The assessee failed to substantiate the provision made for freight, material handling charges, and IT support expenses as an allowable expenditure. The assessee merely...

7. Rejection of books of accounts - rejection of books of account by invoking the provisions of section 145(3) - the AO has categorically noted in the assessment order...

8. Disallowance on account of provision for expenses made under normal provisions of the Act as well as in the computation of book profits u/s.115JB - The assessee company...

9. Accrual of income - determination of income out of the receipt not disclosed in the books of account - when the receipts were out of the books of accounts, the payment...

10. Estimation of net profit - Rejection of books of accounts - Just because that the assessee is having 5 bank accounts and not shown in the regular books cannot be the...

11. The provisions of section 69A allow for additions if the assessee is found to be the owner of unrecorded money, bullion, jewelry, or valuable articles. However, when...

12. Assessment u/s 153A - Unexplained investment - It is common practice during search proceedings that the revenue seizes the books of account along with incriminating...

13. Addition on account of deposit of cash during the demonetization period - allegation of sham transactions - the AO has acted on mere surmise and conjectures without duly...

14. Rejection of books of accounts - best judgement assessment - only objection raised by the AO is non-filing of the tax audit report - CIT- A deleting the addition -...

15. Addition of Provisions for trade receivable as debited to P&L account under the head "other expenses" - we have to consider substance over the form and the intention of...