Home Highlights December 2016 Year 2016 This

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1. Addition of trade creditors u/s 68 - unexplained cash credits - AO cannot blow hot and cold at the same time for the reason he has made twin additions out of the trading...

2. Unexplained cash credit - addition u/s 68 - The revenue cannot blow hot and cold in the same breath since in the scrutiny reassessment the purchases have been accepted,...

3. When secured creditors like the respondent are driven from pillar to post to recover what is legitimately due to them, in attempting to avail of more than one remedy at...

4. Unaccounted opening cash balance - In the Balance sheet the cash balance and sundry creditor is shown at NIL figure - in the light of the reason given by the assessee...

5. Addition u/s 69A - cash balance on account of withdrawal from different bank accounts - The mere fact of holding cash for a longer period was not a sufficient ground for...

6. Addition on account of unexplained money u/s 69A - unaccounted cash - When the cash is found with an assessee, it is the duty of the assessee to prove the source of such...

7. Deemed dividends u/s. 2(22)(e) - loans and advances - The assessee blows hot and cold in the same breath. On the one hand it is claiming the impugned amount as share...

8. Additions against Cash deposits made during demonetization period in specified bank notes - assessee has been consistently holding huge cash balance which meets the...

9. Addition on foreign exchange gain - restatement of liability - contingent gain - it would only result in Revenue trying to blow hot and cold simultaneously. - no additions - AT

10. Cenvat Credit - The department cannot blow both hot and cold. When the department has accepted tax on the services provided by sister concerns to appellant, then they...

11. Valid ‘demerger’ u/s 2(19AA) - carry forward of loss and unabsorbed deprecation - in the case of demerged company revenue has already taken a stand that the transaction...

12. Unexplained money u/s 69A r.w.s. 115BBE - Cash seized in search - The assessee provided a cash reconciliation statement, demonstrating that the cash balance remained...

13. Addition being 40% of cash balance shown in the balance sheet as income of the assessee - A.O without any basis, simply says that the cash in hand is excessive and...

14. Addition u/s 68 - Cash loan and interest income earned on such cash loan unexplained - It is not understandable as how the cash loan are unexplained, when the AO has not...

15. Unexplained Cash deposit during demonetization - Assessee is regular in filing his Return of Income for more than nine years and has already shown his books of accounts...