Home Highlights March 2017 Year 2017 This

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1. Addition on account of deferred tax liability - The deferred tax liability was never an item of expenditure in the profit and loss account. Therefore, there is no...

2. Preponement of deferred sales tax loan chargeable u/s 41(1) or not – deferred sales tax liability is capital receipt not taxable - AT

3. Remission of deferred sales tax liability - deferred sales tax liability will not be chargeable to tax as business income of the assessee - AT

4. Addition u/s 43B - Method of accounting - unpaid statutory dues of service tax, Excise and PF by changing the method of accounting - The assessee followed the exclusive...

5. Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

6. Unexplained cash credit u/s 68 r/w section 115BBE - Bogus purchase and sale - The assessee has recorded the entries of sales and purchase in its books of account and has...

7. Addition u/s 41(1) - cessation of liability - waive of loan as part of one time settlement of loan with the banks - The benefit gained by the assessee on account of...

8. Addition u/s 41 - Deferred sales tax liability being the difference between the payment of net present value against the future liability credited by the assessee under...

9. Where the assessee, due to certain scheme, made premature payment of deferred sales-tax and on such payment entire liability to pay tax stood discharged, section 41(1)...

10. Tax free payments - TDS liability born by the assessee - the TDS, as exigible on payments, is grossed up, and payment made accordingly - deduction on account of tax...

11. Addition for the Term Loan taken waiver of secured loan - when the assessee had not claimed deduction under Section 36(1)(iii) of the Act for interest on loan and loan...

12. Addition on account of cessation of liability of unsecured loan - assessee was not having trading liability u/s 41(1) of the Act - No additions - AT

13. Estimating the profit on alleged unrecorded sales - A.O. directed to make addition by estimating profit @ 15% of the amount so deposited in the bank account with respect...

14. Double additions - The claim of the appellant that such addition resulted into double taxation of the same income in the same year is also acceptable because on one hand...

15. Addition u/s 40A(2) - Allegation of Excessive price paid to related parties - The provisions of section 40A(2) of the Act applies for making disallowance of expenses for...