Home Highlights February 2011 Year 2011 This

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1. Denial of Exemption u/s. 11 - non maintaining of separate ledger accounts - assessee is maintaining separate ledger for earning this income and also maintaining separate...

2. CENVAT credit - input services - investment cannot be classified as an activity and therefore separate accounts need not be maintained for such activities indulged by...

3. Disallowance u/s 14A - Assessee offered a suo-motto disallowance - By merely stating, that as the assessee was maintaining consolidated accounts, therefore, in the...

4. Deduction u/s 80lB - CIT(A) held that the assessee has not maintained separate books of accounts, it employed the same employees for manufacture of all products, there...

5. Cenvat credit - exempted and taxable services - In the absence of the Adjudicating Authority recording a clear finding that the assessee failed to maintain separate...

6. If the assessee has consistently treated the shares investment account as her investment for long-term purposes and has not shifted the stock in investment account to...

7. Penalty u/s 271AAB - undisclosed investment - the assessee is a salaried person who is not required to maintain any books of accounts and there is no mechanism to report...

8. Naming / Tagging of demat accounts maintained by Stock Brokers - all demat accounts maintained by stock brokers should be appropriately tagged - Circular

9. Deduction u/s 80IA - AO held that the assessee maintained consolidated figure of power generation unit and no separate and independent books of account was maintained by...

10. Seeking to lift attachment of Bank Accounts - recovery of dues payable by the Company - when it comes to recovering the dues from the company towards liability incurred...

11. 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...

12. Penalty u/s 271A and u/s 271B - not maintaining books of account and for not getting the booking of account audited as provided u/s 44AB - Penalties levied u/s 271A for...

13. Provisional attachment of escrow bank account - shares of the petitioner / contractor - Joint Escrow account opened by the Principal - GST Evasion - we lift the...

14. Penalty u/s 271A - Non maintaining the books of account - Penalty u/s 271B - non-audit of books of accounts - It is clearly a case of impossibility of performance where...

15. Dishonor of Cheque - dues was against the company but the cheque was issued by the petitioner from his personal account - Legally enforceable debt or not, in personal...