Home Highlights July 2018 Year 2018 This

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1. Allowability of Interest expenses @21.3% - unsecured redeemable cumulative non-convertible debentures - AO has compared the rate of interest paid on unsecured redeemable...

2. Additions towards income earned from undisclosed investment - The addition of income earned from the investment is also solely based upon the admission by the ex-partner...

3. Income from undisclosed sources - addition of agricultural income - Assessment of agricultural income declared by the assessee for various assessment years was...

4. Penalty levied by the AO u/s. 271AAB r.w.s. 274 - levy penalty of 30% on undisclosed income - the reasons given by the AO to levy 30% penalty on undisclosed income is...

5. Addition of Undisclosed Income - Just because the statements u/s 132 (4) state that he paid Capitation Fee , it does not mean that it could result in an addition ipso...

6. Estimation of income - additions towards unapproved creditors - once income is estimated, no additions can be made towards trade creditors which is arised out of such...

7. Nature of expenditure - addition of write off of investments - the claim of loss accruing or arising as investment in equity shares, non-convertible debentures and zero...

8. Addition u/s 68 - credit of undisclosed income - it was declared before settlement commission that company has earned the undisclosed income and routed in books through...

9. Penalty u/s 271(1)(c) - the fact that the assessee and his son have declared the undisclosed income in their individual return of income and have paid taxes but capital...

10. During The Financial Year 2012-13 - Tax-Free, Secured, Redeemable, Non-Convertible Bonds - Notification

11. Additions towards difference in interest income between interest as per Form 26AS and interest income shown in the Return of Income - Since the alleged accommodation...

12. Unexplained investments u/s 69- Tribunal deleted the addition - The term assessed being flexible, it bears very comprehensive meaning. Therefore, under Section 158BB of...

13. Additions u/s 41(1) towards written back of liabilities - capital or revenue in nature - CIT(A) had also called for the details but assessee did not respond to the same....

14. Addition u/s 69 - undisclosed foreign bank account - addition being the peak balance - Matter remanded back to AO for adjudication of the issue afresh stating that the...

15. Deduction U/s 80IE - eligible of deduction towards excess provision written back - by this amount the deduction u/s 80IE has been reduced in the said year since the...