Home Highlights November 2016 Year 2016 This

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1. Addition u/s 68 - assessee has received share application money as unexplained - In the instant case, assessee has only established identity of the creditor,...

2. Addition of loss claimed in Future & Options (‘F&O’) - Reliance on statement of third party (Broker) recorded during survey u/s. 133A - it is trite that the statement...

3. Unexplained cash deposits - addition u/s 68 - Merely because the creditor did not respond to the notice, no adverse inference can be taken with regard to the...

4. Addition on account of commission expenses - genuinity of claim - merely because in immediately preceding two years commission was not paid cannot be the ground for...

5. Unexplained cash credit u/s 68 - Bogus share capital and share premium - Since, the present assessment year is 2008-09, there is no onus on the assessee to prove the...

6. Addition of unaccounted money u/s 69A - cash found during the course of search u/s 132 - the assessee all along claims that said cash belongs to his brother in law who...

7. Disallowing interest u/s. 36(1)(iii) - CIT(A) allowed the claim - AO is drawing adverse inference that assessee has not submitted the utilization of the overdraft in the...

8. Addition in assessment u/s 153C - Addition u/s 69 - addition on basis of loose papers on which name of the appellant was mentioned along with some other parties - The...

9. Addition u/s 68 - Unexplained cash creditors - once it is established that it is the creditors' money that has found its way in the books of the assessee, no adverse...

10. Commission expenses – The assessee is an authorized dealer of vehicles, buses and others equipments - Merely having friends and relatives, adverse inference cannot be drawn - AT

11. Addition u/s 68 - bogus LTCG - Transaction with shell companies - No adverse inference can be drawn against the assessee on basis of doubtful credentials of SVPL as the...

12. Assessment u/s 153A - Addition of bogus purchases on protective basis in the hands of the assessee - Unless, it is brought over knowledge the fate of substantive...

13. Stay of pre-deposit - Constitutional vires of Section 129E of the Customs Act, 1962 - given the financial position and the wherewithal of the Petitioners, an opportunity...

14. Addition u/s 68 read with section 115BB - Authorities below have not drawn any adverse inference against the claim of the assessee. Rather AO as well as ld. CIT (A) kept...

15. Estimation of business income - The learned CIT (A) confirmed addition merely harping on non-compliance by assessee before the Assessing Officer and not applying his...