Home Highlights December 2013 Year 2013 This

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1. Permission to resident and non-resident entities to undertake hedge transactions with simplified Procedures - FEMA

2. Permission to resident and non-resident entities to undertake hedge transactions with simplified Procedures

3. Validity of confiscation proceedings - Rejection of value of importer - imported goods auctioned without prior notice to the appellant - It is a settled law that once...

4. Assessment u/s 153A - unabated assessments - the assessments of the assessment years falling within the period of above said six years which are not pending, i.e., which...

5. Reopening of assessment u/s 147 - assessment after 4 years - reason to suspect OR reason to believe - Reopening of assessment which is already concluded under Section...

6. Validity of assessment u/s 144C - Non passing draft Assessment Order - TP Adjustment - AO merely captioned the final Assessment Order as Draft Assessment Order along...

7. Reopening of assessment - non obtaining of the requisite prior permission u/s 151 - The assessee is alleging that revenue has not obtained the necessary requisite...

8. Refund - Only the permission from the Asst. Commissioner was received late. Since the permission was not received in time they cleared the goods on payment of duty. Had...

9. Provisional attachments made by the Initiating Officer u/s 24(3) of the Prohibition of Benami Property Transactions Act - Till a decision is taken on the show cause...

10. Assessment u/s 153C/153A when no case was pending for the related assessment year - un-abated assessment - the action of AO reversing/withdrawing the claim allowed in...

11. Assessment u/s 153A - Addition of unsecured loans as undisclosed in u/s. 68 - the assessment proceedings were not pending at the time of search. Hence assessment for...

12. Reopening of assessment u/s 147 - Unexplained loan - There were no justification for the A.O. to record non-existing, incorrect and wrong facts in the reasons for...

13. Cash deposited by the assessee jointly with his father - So far as regards the AO's observation that NRIs cannot purchase agricultural land in India without RBI...

14. Adjustment of refund against outstanding demand - non fulfillment of conditions of prior intimation u/s 245 - it can be seen that the allegation that there was no prior...

15. The concept of protective assessment also becomes important in a situation where the addition on substantive basis is deleted and in such an event, protective assessment...