Home Highlights April 2014 Year 2014 This

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1. Revision u/s 263 by CIT - addition were made u/s 69 and 69C - ld PCIT has stated that the AO has not applied the rate of tax as per section 115BBE, what he meant was...

2. Exemption u/s. 11 - Addition u/s 69A and 69B - With respect to the applicability of Section 69B of the Act, we find that assessee has given self-help loan to the members...

3. Measure to facilitate trade during the lockdown period - section 143AA of the Customs Act, 1962 - Circular

4. Reversal of CENVAT Credit - trading activity - exempted service or not - in either of the two options given in sub-rule (3) of Rule 6, there is no provisions that if the...

5. Revision u/s 263 - brought forward loss as deducted in computing the book profit u/s.115JB - We have been confronted with a situation in which the AO incorrectly applied...

6. Special audit u/s 142(2A) - satisfaction - The question of complexity of accounts has to be judged applying the yardstick or test; whether the accounts would be complex...

7. Amendment of section 115BBE. - tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D - no deduction in...

8. Time Limitation - demand of interest - even where no period of limitation is provided for recovery of interest, yet a reasonable period has to be read into the provision...

9. Arbitration award - Share Purchase Agreement (SPA) - What the law prohibits under Section 18A read with Section 16 read with the SEBI circular of 1st March 2000 is not...

10. Applicability of section 269ST to the investments made in cash - section 269ST and the penalty provisions for not complying with the said section as contained in section...

11. Assessment u/s 153C - Assessment based on search on third party - The construction of Section 153 A and 153 C is consciously different and is seen to apply different...

12. Addition u/s 69B - On-money payment in cash - Unless something is brought on record or AO conducts inquiry that the said person in whose possession it was found has...

13. Reversal of CENVAT Credit - giving options for availing a particular option is procedural requirement and on failure of the same, the assessee cannot be deprived of...

14. CENVAT Credit - common inputs and input services - the various options under Rule 6 are options given to the assessee and the Revenue cannot choose one of the options...

15. Disallowance - excess consumption of Tendu leaves - AO's addition 1/3rd, was found to be reasonable - HC