Home Highlights November 2013 Year 2013 This

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1. Addition u/s 68 in the hands of partnership firm - capital introduced by five partners, which in turn was out of the loan advanced - The Appellate Tribunal (AT) examined...

2. Addition u/s 68 - unexplained cash credit - capital contribution in cash by the partners - While deleting the additions, the Tribunal held that, if the Ld. AO was not...

3. Penalty u/s 112 - since penalty has been imposed on partnership firm under Section 112 (a), separate penalty on its partner would not be justified - AT

4. Whether the Appellate Tribunal was justified in sustaining the penalty on the husband of the dormant partner, while sustaining the penalty on the Partnership Firm? -...

5. Levy of penalty u/s 271(1)(c) - The Tribunal found no justification for imposing a penalty as the assessee had sufficient cash balances and transparently recorded the...

6. Penalty proceedings u/s 270A - Applicable rate of penalty - The Appellate Tribunal noted that while the penalty notice cited under-reporting of income, the AO imposed...

7. Penalty proceedings u/s 271(1)(c) - Failure of the assessee to explain the source of cash deposit in the bank account - burden of proof - The ITAT acknowledged the...

8. Levy of penalty u/r 25 of CER - Penalty on Registered Dealers, Unregistered Dealers and Transporters - Availment of fraudulent credit - issuance of Cenvatable invoices...

9. Unexplained cash credit u/s 68 - Bogus capital introduced by the partners of the assessee-firm - as per CIT(A) Agriculture income shown by the partners was highly...

10. Addition u/s 68 - disclosure made by the assessee on the basis of documents impounded during the course of survey proceedings - The Tribunal deleted the addition holding...

11. Penalty under Section 11AC - The partner of the partnership firm had already paid the duty before issue of the show cause notice in order to avoid legal proceedings. In...

12. Levy of penalty for abetting in mis-declaration of imported goods - Revocation of Courier License - The tribunal ruled that penalty under this section could only be...

13. Penalty u/s 114(i) on CHA - filing shipping bills in respect of prohibited goods - separate penalties on partners or authorised signatories are not warranted, when...

14. Monetary limit for filing of appeal by revenue in case of penalty - Penalty u/s 271(1)(c) on bogus purchases - Quantum proceedings and penalty proceedings are...

15. Excess stock found during the course of survey - unexplained investments u/s 69 r.w.s.115BBE - The ITAT concluded that the addition made by the AO was not justified....