Home Highlights May 2013 Year 2013 This

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1. Validity of Assessment u/s 153A - in cases where the assessment or reassessment proceedings have already been completed and assessment orders have been passed, which...

2. Validity of assessment u/s 153A - AO would be competent to reopen the assessment proceeding already made and determine the total income of the assessee. The Assessing...

3. Deduction u/s 10B - Here in the case in hand, the total income was first arrived at by the Revenue through the AO in the Assessment Order by computing the total income...

4. Reopening of assessment u/s 147 - The entire exercise of re-opening would depend upon the reasons recorded by the AO and therefore the reasons recorded to re-open the...

5. Capital Gain - Transfer u/s 2(47)(v) - assessment year - AO himself has given credit for the amount of capital gains declared for the assessment year 2013-14, while...

6. Income from undisclosed sources - addition of agricultural income - Assessment of agricultural income declared by the assessee for various assessment years was...

7. Undisclosed Capital gain - Scope of block assessment proceedings - AO is concerned only with undisclosed income and he has no power to consider material and evidence not...

8. Reopening of assessment u/s 147 - Reasons to believe - The ITAT thoroughly examined the reasons recorded by the AO for re-opening the assessment and found that there was...

9. Depreciation - Disallowance of amount released from reserves account under normal computation of income - The net result of the accounting entries passed in the books of...

10. Reopening of assessment u/s 147 - Once the Assessing Officer records the reasons that he has reason to believe that income has escaped assessment, it confers...

11. Agricultural income - When all the documents have been brought on record by the assessee during assessment proceedings but not examined by the AO assessee cannot put...

12. Reopening of assessment u/s 147 - reason to believe - there was tangible material before the AO to reopen the concluded assessment as the assessee is claiming huge...

13. Reopening of assessment - notice issued after the expiry of more than 4 years - Capitalization of interest income - The High Court observed that, the AO having raised a...

14. Accrual of income in current AY - duty drawback and service tax refund - the income would be receivable only when the income accrues to the assessee and income would...

15. Assessment u/s 144C - Royalty receipt - income from distribution of software licenses and providing support services - AO has not followed the directions of the DRP and...