Home Highlights October 2015 Year 2015 This

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1. Additional income disclosed during the course of survey - To be taxed @ 60% u/s. 115BBE or not - the AO and the Ld.CIT(A) are erred in assessing additional income...

2. Higher rate of tax u/s 115BBE - As noted that the assessee has declared additional income towards excess stock found during the course of survey and assessee has...

3. Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

4. Deduction u/s. 80IB(10) - declaration of additional income - No doubt there has been suppression of the actual income for the purpose of evading tax. Nevertheless,...

5. Entitlement to deduction u/s.80IB(10) - additional receipts / income offered by the assessee against the project undertaken by the assessee u/s 132(4) - additional...

6. Deduction u/s 80IB(11C) - additional income offered during survey - investment in building - excess cash found - while confirming the additions, deduction 80IB(11C) disallowed.

7. Deduction u/s 80IB(10) – assessee is eligible for deduction u/s 80IB(10) of the Act even in relation to impugned additional income offered in a statement deposed u/s...

8. Applicability of higher rate of tax as per section 115BBE - income declared during the course of survey proceedings - Admittedly, the assessee had offered such...

9. Penalty levied u/s. 271(1)(c) - undisclosed income surrendered during the course of survey - Assessee cannot be held to have concealed or furnished the particulars of...

10. Penalty u/s 271(1)(c) - additional income was declared in survey u/s 133A - date of filing of return u/s 139(1) had not expired - The fact of “concealment of income” and...

11. Nature of income surrendered during survey - Taxable ‘Head of income’ - excess income declared during the course of survey proceedings cannot be treated as unexplained...

12. Disallowance u/s 80IB - additional income earned by means of ‘on-money’ - The ITAT found that the project "Rushikesh" fulfilled all conditions for the deduction under...

13. Assessee is eligible to claim deduction u/s 80IB(10) of the Act for the undisclosed income surrendered during search/survey action in a situation when assessee has been...

14. Excess stock found during the course of survey - Additions u/s. 69B r.w.s. 115BBE - the additional income offered towards excess stock found during the course of survey...

15. Addition u/s 68 - additional income declared by the appellant in the course of survey action u/s. 133A - disallowing the sum of 6 crores debited to the profit and loss...