Home Highlights March 2013 Year 2013 This

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1. 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...

2. Seizure of Cash - Power of the GST authorities to seize the cash of a dealer - cash seized is not ‘stock in trade’ - The respondents are directed to release the cash...

3. 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...

4. Addition u/s 68 - Cash loan and interest income earned on such cash loan unexplained - It is not understandable as how the cash loan are unexplained, when the AO has not...

5. Unexplained cash credit u/s 68 - When the cash did not pass at any stage and since the respective parties did not receive cash nor did pay any cash, there was no real...

6. Reopening of assessment without releasing seized documents by Crime branch - Petitioner seeking the release of seized documents and items to effectively respond to...

7. 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....

8. Interest on delayed refund of IGST paid on export of the goods along with duty drawback - The refund of the petitioner was withheld for almost six months and after six...

9. Rejection of request for provisional release of the seized goods - high end wrist watches - prohibited goods or not - In the present case, the appellant had not only...

10. It would be unfair and unjust to charge interest on the assessee u/s 234B of the Act, merely because, the seized cash was given credit on a later date by the ld. AO. It...

11. Interest paid on late payment of TDS - allowable deduction u/s 37(1) or not? - Interest on delayed payment of TDS cannot be allowed as deduction. - The interest...

12. Addition u/s 40A(2) - assessee has paid interest to certain related parties and treated interest rate @ 15% reasonable and disallowed excess rate paid to related parties...

13. Return of the money / cash which was seized - ITAT accepted observed that the cash seized from Petitioner is the professional income and therefore cannot be treated as...

14. 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...

15. Validity of Seizure of cash by invoking the power available u/s 67 of the CGST Act - tax evasion - Cash seized from the house and not forming part of stock-in-trade -...