Home Highlights May 2014 Year 2014 This

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1. Exemption u/s 10B - inflated profits - The Assessing Officer has correctly worked out interest on capital and remuneration payable to partners and excluded them from the...

2. Estimation of net profits - addition on account of enhancement of net profit as the assessee has shown drastically low net profit as compared to preceding previous years...

3. Adjustment in book profit u/s 115JB - assessee make adjustment in sale and reduced the profit - Provisions relating to adjustments by way of increase and decrease to the...

4. Disallowance on account increase in expenditure as excessive payments - Ultimately it is a business decision and does not call for the AO to sit in judgment over this....

5. Arm's Length Price adjustment on international transaction – selection of comparable - if abnormal loss making companies are excluded abnormal profit making companies...

6. Exemption u/s 11 and 12 - assessee failed to file the Audit Report in Form 10B along with the Return of Income - None of the authorities had any occasion to verify Audit...

7. Benefit of exemption u/s 10B - new undertaking - 66.66% assets leased from other company - lease could also be considered as a 'transfer' for the purpose of Section...

8. Director’s Remuneration disallowed – Exceptionally high remuneration paid - the increase in Directors’ remuneration to about 9 times cannot be justified on the basis of...

9. Deduction u/s 10B - ordinarily, what profit the assessee might have expected to arise - AO had not brought on record any material to demonstrate that the assessee...

10. Revenue has not disputed the fact that in the year under appeal there is increase in the sales and the margin as stated by the assessee is not rebutted by the revenue by...

11. Additions towards Undisclosed profit from contract work and transport income - The tribunal found that the assumptions made by Ld. AO are without any basis, on the...

12. Estimation of profit - AO applying a profit rate of 20% on the contract receipt against the rate of profit declared by the appellant at 8.13% - CIT(A) directing the AO...

13. Computation of book profit u/s. 115JB of the Act by excluding prior period item - difference in net profit/loss taken by the assessee and the AO on account of provision...

14. Deduction u/s 10B - profit of eligible undertaking for the purpose of allowing deduction u/s 10B of the Act at the source itself without deduction of unabsorbed brought...

15. Deduction u/s 10A/10B - sections 10A/10B having no definition of the expression "profits of the business" - AT