Home Highlights November 2014 Year 2014 This

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1. Notice of demand u/s 156 – Interest charged u/s 215/217 and 139(8) - if the assessment order does not specify charging of interest under a specific section then it could...

2. Valuation of imported goods - Pistachio - Rule 8 of Customs Valuation Rules, 1988 - the comparison with the price of the different goods of different period cannot be...

3. Set off of brought forward business loss - mistakes in previous years for not claiming benefit of set-off - 8 years time limit provided in the statute - The ITAT found...

4. TP adjustment - notional interest - short term advances made by the assessee to its associated enterprises - The assessee being unable to establish with evidence the...

5. Exemption u/s 10B - High Court has committed a grave error in observing and holding that the requirement of furnishing a declaration under Section 10B (8) is mandatory,...

6. Interpretation of Section 139(5)- whether Tribunal is right in law in holding the 'revised return' of income filed by the assessee beyond the time limit prescribed...

7. Deduction u/s 80 JJAA - the deduction is available for three consecutive years in respect of the additional employment created by the assessee company during the first...

8. Powers of the DRP u/s 144C(8) - Tribunal was not right in holding that the DRP exceeded its jurisdiction in passing the order. In any event, the order passed by the DRP...

9. Clam of deduction u/s 54F - assessee made the investment within the due date prescribed under section 139(4) and it was held that section 54 or section 54F for that...

10. Disallowance of interest - Loans advanced to sister concerns - The Tribunal noted that the Assessee had not appealed against the partial relief granted by the learned...

11. Validity of revised return 139(5) - Revised return did not conform to the prescription of section 139(5), before its substitution w.e.f. A.Y. 2017-18, which provided for...

12. Disallowance on interest u/s. 36(1)(iii) - AO has compared the payment of interest @ 12%/15% on the unsecured loan obtained by the assessee with the interest amount...

13. Disallowance of exemption u/s 54F - assessee failed to deposit unutilized funds in a capital gains account scheme before filing the return of income u/s 139(1) -...

14. Penalty u/s.271AAB - Belated filing of regular return after search - Penalty cannot be levied u/s.271AAB of the Act, in respect of income disclosed in regular return of...

15. Central Government notifies the Adjudicating Authority and Appellate Tribunal for the purpose of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988).