Home Highlights November 2016 Year 2016 This

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1. LTCG - registered sale deed was executed by the legal heirs of the deceased - CIT(A) has not verified this fact but has merely gone by the presumption that the assessee...

2. Addition u/s 68 - Unexplained cash credit - It is well settled principle that the repayment of cash credit would not prove the genuineness of cash credit. It is the...

3. Accrual of income in current AY - duty drawback and service tax refund - the income would be receivable only when the income accrues to the assessee and income would...

4. Misuse of the Special scheme to promote export - some benefits which had already accrued to exporters under the EXIM Policy were taken away. - Notification issued u/s 5...

5. Dishonor of Cheque - cheques have been endorsed in favour of the plaintiff - The effect of an endorsement of a Negotiable Instrument with the endorsements as illustrated...

6. Addition u/s 68 - cash credit - assessee being a share broker - All the equity shares so purchased first came in the Demat account of the assessee broker and then has...

7. Additions towards unrecorded expenditure - A.O. has disallowed the said expenditure in Note 26 foreign currency transactions, pertaining to purchase of shooting...

8. Addition on the ground of balance appearing in HSBC Bank Account, Geneva undisclosed - Nothing has been brought on record in “reasons recorded” or there is any material...

9. Bogus LTCG - genuineness of transaction not proved - exemption u/s 10(38) - assessee failed to prove genuineness of transaction and long-term capital gain on sale of...

10. Levy of penalty u/s 271B - not getting books of account audited u/s 44AB - AO has given categorically finding that the assessee had made frequent transaction in both...

11. Addition on account of alleged on-money - Applicability of section 50C - The assessee has duly discharged the onus of proving that the sale consideration as actually...

12. Unexplained Cash deposited into Bank Accounts - income from unexplained source u/s 69B - Onus to prove - Onus cast on the Appellant has not been discharged.addition u/s...

13. Dishonor of Cheque - insufficiency of funds - It cannot be stated that the respondent has failed to prove that the cheque in question was not dishonoured for...

14. Levy of tax on interest income - Status of the assessee - Resident but not ordinarily resident - NRI Account - Provisions of Section 5(2) are also not applicable as the...

15. Capital gain on transfer of development rights (TDR) - since the impugned capital asset transferred by the assessee upon which long term capital gain has been computed...