Home Highlights March 2013 Year 2013 This

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1. Clubbing of income - addition of portion of sales consideration related to wife and mother of assessee u/s 64(1) - Logically the sale consideration is to be distributed...

2. Deduction u/s 54F - section 50C has no application in case the entire net sale consideration has been applied for acquiring the new house.

3. Revision u/s 263 - provision of s.56(2)(vii)(b)(ii) was applicable - market value of the subject property vs stamp value - the stated sale consideration is not the...

4. Addition u/s 56(2)(vii)(b) - stamp duty value consideration - It was not a case of new booking but a case wherein the assessee had merely exchanged the flats at the same...

5. Computation of assessee income - GP estimation - For applying section 44 AF, it is clear that the total turnover of the assessee must be less than 40 lakhs of rupees. In...

6. Section 194C of the Act would apply in case of a payment being made by a contractor to a contractee and not vice-versa. In the present case, the payment of licence fee...

7. Lower deduction certificate under section 197 r.w.r 28AA rejected - Rule 28AA which would generally apply would not apply in the present case because the petitioner’s...

8. Addition of sales tools expenses u/s 37 - the logic given by the coordinate bench equally applies to the sales tool expenses also. The above decision was also followed...

9. CENVAT Credit - capital goods - case of department is that since the appellant has transferred the credit from Mumbai to Surat the same is not eligible to them on the...

10. CENVAT Credit - Supplementary invoices - stock transfer - alleged duty paid on account of suppression, etc. - the combined reading of Rule 9 (1)(b) and Section 2(h), it...

11. Condonation of delay of 13 days in filing the Appeals - The present is a case where Appellant cannot be blamed for not applying the certified copy of the Order dated...

12. Undisclosed incomes - investment in Purchase/sale of immovable property - The onus on the department to prove that investment was made by Assessees or sale consideration...

13. Computation of capital gain – AO’s has the power to substitute the value of consideration in place of sale consideration only in special circumstances which are missing...

14. Addition u/s 56(2)(vii) - real owners - partners v/s firm - property purchased by assessee-partner less than guideline value of the property - applying purposive...

15. TP adjustment - international transaction - expenses - incurred wholly and exclusively for the purpose of business or not - In the present case, the AO, by applying...