Home Highlights July 2012 Year 2012 This

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1. Addition u/s 68 - large cash withdrawal by the assessee immediately before the search and seizure operation - during search and seizure operation, the cash amount was...

2. Search u/s 132 - Entitlement refund of the seized cash which is otherwise declared ‘unaccounted money’ and taxed in the hands of the searched person - This Court does...

3. 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...

4. Adjustment of cash seized during the search - AO to re-compute the tax liability - after adjusting the seized cash from the date of request made by the assessee - AT

5. Interest u/s 234 B - Advance tax - Adjustment / Credit for cash as seized - there is no prohibition to adjust the seized cash with self assessment tax. What is...

6. Unexplained cash payments - There is also no evidence to suggest that cash withdrawn from ETLL was unused and kept with the assessee idle though repeatedly withdrawals...

7. Unexplained investment u/s 69 - Addition on account of jewellery (Gold Jewellery and Silver Jewellery) found from the residence as well as bank locker of the assessee...

8. Unexplained investment u/s 69 - Addition on account of jewellery (Gold Jewellery and Silver Jewellery) found from the residence as well as bank locker of the assessee...

9. Interest liability u/s 234A, 234B, 234C - Cash seized during the search - To be treated as Advance Tax or not - In this case, as ROI was filed, though after the search....

10. Assessment u/s 153A - Gold jewellery found in the lockers held by the assessee - CIT(A) ought to have taken a liberal approach by giving the benefit to the assessee for...

11. 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...

12. Cash found in search action - retraction of disclosure of unaccounted cash seized - by surrendering the aforesaid amount and offering to pay tax, the assessee has...

13. Rate of Duty Drawback (AIR) on Articles of jewellery made of gold, Articles of jewellery made of silver and Articles made of silver falling under Chapter 71 reduced.

14. Amendments to the AIRs of Duty Drawback on Gold Jewellery, Silver Jewellery and Silver Articles

15. Addition of Cash deposits u/s. 68 - cash deposit during demonetization - AO cannot disbelieve the purchases made from the assessee simply on the ground that those...