Home Highlights October 2012 Year 2012 This

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1. Reduction or waiver of interest charged under section 234A/234B/234C - Scope and Power

2. Rejection of books of account - trading addition - Assessee cannot claim advantage of lesser addition by getting the books rejected year after year and avoiding the...

3. Rejection of books of account - the rejection of books of account solely on the basis of non-maintenance of sales vouchers was not justified - AT

4. Waiver of interest u/s 234A, 234B and 234C - marginal delay in filing the returns - The petitioner sought relief based on the timing of filing returns after receiving...

5. Rejection of books of accounts - GP addition/estimation - Non maintenance of records of quantitative details renders the accounts of assessee incomplete. Preparation of...

6. Rectification u/s 154 - Chargeability of interest u/s 234B and 234C - income returned u/s 115JB - The return was assessed under section 143(3) of the Act, and no...

7. Refusal to waive interest u/s 234A, 234B and 234C - disallowance for want of deduction of tax at source u/s 40(a)(ia) - interest cannot be waived - HC

8. Best Judgement Assessment - rejection of books of accounts - Though the Tribunal has recorded that the books of accounts were duly presented when the show cause notice...

9. Penalty u/s. 271A and 271B - non-maintenance of books of account and not getting the books of accounts audited u/s. 44AB recpectivily - once the penalty is levied for...

10. Income Tax Settlement Commission order - Waiver of interest - the Settlement Commission cannot re-open its concluded proceedings by invoking Section 154 of the Act so as...

11. Interest levied by Revenue u/s 234A and 234B - adjustment of cash seized with the tax-liability determined on assessment - the assessee cannot blame Revenue for its own...

12. 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...

13. Charging interest u/s 234A, 234B and 234C - late filing of return of income - CIT(A) was not right in levying interest under Section 234A of the Act when the return was...

14. Rejection of books of accounts - rejection of books of account by invoking the provisions of section 145(3) - the AO has categorically noted in the assessment order...

15. Rejection of books of accounts - best judgement assessment - only objection raised by the AO is non-filing of the tax audit report - CIT- A deleting the addition -...