Home Highlights March 2013 Year 2013 This

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1. Unexplained cash credit u/s 68 r/w section 115BBE - Bogus purchase and sale - The assessee has recorded the entries of sales and purchase in its books of account and has...

2. Levy of tax and interest on sales made by the petitioner - sale in the course of import - resale of goods in Daman - first point of sale - Since the goods in question...

3. Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

4. Addition made towards profit in money market operations - in this case the physical delivery has not taken place and therefore the transactions of sale and purchase of...

5. Capital gains - treating information contained in ITS as related to transaction of sale of immovable property - Assessee had pointed out how the two transactions...

6. Addition u/s 69C - bogus purchases of diamonds - The decision emphasizes the principle that where the genuineness of purchases is in question, but corresponding sales...

7. The sale of gold bonds approaching the due date of redemption, the repurchase and thereafter sale of the gold was not in the nature of the regular business of the assessee - HC

8. Estimation of income - bogus purchases - The Tribunal addressed various issues, including the validity of the reopening of assessment, the genuineness of purchases,...

9. Estimation of income - bogus purchases - quantification of profit - The Tribunal noted that during investigations, the alleged suppliers were identified as bogus...

10. TDS u/s 194H - commission - payment of one time non-refundable premium to bank for purchase of gold - this transaction of payment of one time premium would effectively...

11. Classification of services - real estate agent service or not - sale of agricultural plot - When a person from the first day enters into an agreement to purchase some...

12. Disallowance of short term capital Loss - the provisions of Sec.94(4) of the Act would apply only in cases where the assessee had carried on the transactions of purchase...

13. Bogus purchase - Though purchases were from bogus parties nevertheless purchases themselves were not bogus. - in the absence of the purchases, there could not be sales -...

14. GST on sale and purchase of old and used jewellery - The applicant purchasing second hand gold in the form of jewellery / parts of jewellery, from unregistered...

15. Correct head of income - treatment of income from sale and purchase of shares - business income or income from capital gains - high volume of transactions and frequently...