Home Highlights July 2012 Year 2012 This

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1. Addition based on foreign HSBC bank accounts - information received from French Government under DTAA - no material or evidence to say that the assessee was connected...

2. Understatement of sales - search and seizer operation were carried wherein the certain loose papers were found and seized - When all the explanation, documents were...

3. 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...

4. Additions based on entries in the Diary - Presumption u/s 292C - without substantiating the content of the noting in the diary, the value adopted by way of decoding by...

5. Unaccounted investment u/s 69 - Addition on account of suppressed purchase price of land purchased - Since the Assessing Officer failed to pinpoint any instance by...

6. Addition u/s 68 - non maintenance of books of accounts - There was no actual credit of cash or otherwise received by the assessee. No entries are made in the books of...

7. In the case of shortage of stock a valid presumptions would be that the stock has been sold outside the books of accounts - the only addition that can be made is that of...

8. Accommodation entries - Estimation of income - the addition cannot be made on the basis of any hypothesis presumption albeit it has to be based on evidences or material...

9. Addition u/s 69C - household withdrawals - contention of the assessee towards household expenses is not capable of acceptance. Addition confirmed - AT

10. Rejection of books of accounts - Presumption to the books of accounts u/s 132(4A) - . The contents of books and documents found in possession and control of searched...

11. Dishonour of Cheque - acquittal of accused - legally enforceable debt or not - an accused person is presumed to be innocent unless proved guilty and an order of...

12. Assessment passed u/s.153A - Presumption in case of seized documents - Assessee’s son was also covered under the search in the same premises and the document found from...

13. Addition u/s 69C - Low withdrawals for household expenses - AO did not point out any specific circumstances by which he assumed that assessee had made low withdrawals as...

14. Addition on account of low withdrawals (drawings) - There is noting on record to suggest that the assessee has purchased any movable or immovable properties, incurred...

15. Addition of income from other sources u/s 69A - Assessee was found in possession of loose slips - appellant was not found to be owner of any money, Bullion or Jewellery...