Home Highlights February 2013 Year 2013 This

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1. Nature of expenditure - Expenditure incurred by the assessee towards repairs and renovation of the premises to house the branch - if the expenditure incurred by the...

2. The assessee made investments in two firms by purchasing cold storage units funded by M/s. A.R. Constructions, where the assessee is a managing partner. The source for...

3. Additions u/s 69 - assessee’s father has purchased site in assessee’s name and also the assessee’s father has invested towards construction of property, the A.O. was...

4. Addition of community development expenditure by observing that this expenditure is not related to the business activity of the assessee - In assessee’s case has...

5. Assessee (tenant) incurred expenditure on renovation of premises, however assessee did not get any benefit of lower rent, therefore the entire expenditure cannot be...

6. Income from house property - ALV of property - amounts received under the maintenance agreement - There are certain services provided by the assessee which are common...

7. Undisclosed receipts were added to gross profit by the AO, but the assessee claimed corresponding expenditure. CIT(A) deleted the addition, terming it double assessment....

8. Addition of sum received as "Gift" by the assessee from his "father" - The donor is about 85 years old and the amount has been gifted to his own son through a gift deed...

9. Assessment u/s 153A - Addition u/s 68 - bogus LTCG - Except the statement of the assessee u/s. 132(4) agreeing for the addition there is no seized incriminating material...

10. Additions towards unrecorded expenditure - A.O. has disallowed the said expenditure in Note 26 foreign currency transactions, pertaining to purchase of shooting...

11. Assessment passed u/s.153A - Presumption in case of seized documents - Assessee’s son was also covered under the search in the same premises and the document found from...

12. The case pertains to the applicability of Section 56(2)(x) of the Income Tax Act on the conversion of tenancy rights into ownership rights by a protected tenant. The key...

13. Unexplained income - on money receipts - Peak addition - Once the business profit is determined at 8% of undisclosed receipts, then what is required to be seen is...

14. Assessment u/s 153A - Addition of bogus purchases on protective basis in the hands of the assessee - Unless, it is brought over knowledge the fate of substantive...

15. Disallowance of staff welfare expenditure - Assessee being a corporate body so question of expenditure being personal in nature does not arise - 100% claim of...