Home Highlights June 2013 Year 2013 This

You may also like:

1. Revision u/s 263 - Revision based on Audit Objection - a mechanical exercise of revisionary powers u/s 263 by the Revisionary Authority by merely citing the Audit...

2. Addition u/s 68 - investment made by the partners - AO has examined 79 unsecured creditors who appeared before the AO and given statements on oath. All of them have...

3. Validity of statement - retraction of statement - the statement recorded u/s. 132(4) cannot be discarded merely because the retractment statements were filed. The...

4. Rejection of value and its re-determination of the duty - retraction of statements - The only thing which goes in favour of Revenue is that the Managing Director of the...

5. Addition u/s 69 - addition based on the estimation of the cost of acquisition of the property - The ITAT observed that the AO had relied heavily on statements obtained...

6. Estimation of income - Bogus purchases - Reliance on retracted statement - The ITAT, after reviewing the case, noted discrepancies in the reliance on these statements...

7. Inflated cost of land - GAAP v/s Ind AS for financial statement recording - As per the guidelines given by the Government of India, the assessee was required to prepare...

8. Addition u/s 69B on account of difference in stock statement given to the Bank - the stock statement tally with the stock statement submitted to the bank at the end of...

9. Unexplained cash credit u/s 68 - AO made addition of loan based on statement of a person who retract subsequently - it is the revenue which had placed reliance on the...

10. Default in furnishing TCS statements - statement submitted u/s 200(3) are to be processed u/s 200A and then AO can levy fine u/s 234E - once a procedure has been...

11. Appeal ex-parte decided by CIT-A - AO objected to admission of the additional evidence - Audited financial statements and audited report could not be filed during the...

12. Only a part of the statement, favorable to the department, cannot be considered as acceptable but the entire statement has to be accepted or rejected - AT

13. Assessee retracting and giving proper explanation for investment, after two months - Statement made at odd hours cannot be considered as voluntary statement.

14. Valuation - Reliance on the statement made before the customs officers - recording of statement u/s 108 - Certainly a statement recorded under duress or coercion cannot...

15. Validity of retraction of the statement made in survey proceedings u/s 133A - It is always open for the revenue authorities to examine the correction of the retraction...