Home Highlights July 2014 Year 2014 This

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1. Revision u/s 263 - As the assessee’s claim of having incurred the expenses towards furtherance of its charitable objective; and also its claim of having received...

2. SVLDRS - rectification / modification in the order to reject the application - In any event the details which have been referred to in the remarks column of rectified...

3. Exemption u/s 11 - registration under Section 12AA - violation of Section 40A(3) - Tribunal rightly concluded that the issue with regard to violation of Section 40A(3)...

4. Addition of donations as anonymous donation u/s 115BBC - since the donations were duly treated as income by the assessee, section 68 could not have been invoked. -...

5. Revision u/s 263 - assessment of trust - donations given out of accumulated funds u/s. 11(2) of the Act of earlier previous years - The Tribunal noted the argument that...

6. Disallowance of bad debts as claimed u/s 36(1)(viia) - deduction claimed @10% of aggregate average advances - AO is directed to make relevant enquires and verifications...

7. Exemption u/s 11 - contribution/donation to other charitable trust - Donations are never made with prior agreement and it is solely governed by the will and capabilities...

8. Reversal of Input Tax Credit - proper verification of the transactions of selling/purchasing dealers to ensure that there is a match of the details of the transaction or...

9. Review petition - Rectification of error in the Judgement of the Court - Verification in respect of the Bill of Entry - Verification of country of origin - Inadvertent...

10. Disallowance u/s 40A(3) - cash payment made for purchase of land to farmers situated in rural area exceeding the prescribed threshold - the transaction and it being free...

11. Disallowances u/s 40A(3) - payment in cash exceeding prescribed threshold of twenty thousand rupees - the genuineness of the transactions and it being free from vice of...

12. Anonymous donations u/s 115BBC - the onus as well burden of proof is entirely on the assessee to provide to the AO all relevant details as contemplated u/s 115BBC to the...

13. Levy of interest u/s 50(3) - Wrong availment of Input of Tax Credit and reversal thereof - The court noted that the issue of levying interest under Section 50(3) of the...

14. Assessment of trust - Rectification of mistake u/s 154 - exemption u/s 80G/80GGA denied by CPC in 143(1) - The assessee had furnished relevant documents evidencing the...

15. Disallowance of Expenses u/s.40(A)(3) - cash payments made to Electricity Company for the supply of Electricity. - the paramount consideration of section 40A(3) is to...