Home Highlights July 2013 Year 2013 This

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1. Addition u/s 68 - onus prove - non-compliance by the lender - Treating the loan transaction as a mere accommodation entry - The Tribunal observed that loose paper found...

2. Registration u/s 80G(5) - The Tribunal found that the provision allowing expenditure of up to five percent for religious purposes did not apply to this case. - The...

3. Transfer of CENVAT Credit - closure of Delhi unit & merger with its Baddi unit - Rule 10 of CCR - prima-facie with respect to claim of the appellant or request for...

4. Remand of the matter - the approach of the Tribunal is to abdicate its duty of deciding the matter on the merits or to retain the matter till the outcome of the pending...

5. Rejection of branch transfer / Stock transfer of Goods - The tribunal found that the tax authority inappropriately applied a general conclusion from a small subset of...

6. Additions made on the basis of papers found in the course of search - additions made on the basis of papers found in the course of search without bringing any...

7. Penalty u/s 271AAB - no incriminating evidence, papers/documents/stock/cash were found during the search operation other than the statement of the assessee - additional...

8. Assessment u/s 153A - Undisclosed sales - CIT(A) had made detailed discussion on facts and recorded the finding that no incriminating evidence material was found during...

9. Rectification of mistake u/s 154 against intimation u/s. 143(1) - Rejection on the ground that, revised return was not authenticated - The ITAT recognize the mistake in...

10. Block assessment - computation of undisclosed income of block period under Section 158BB - Reliance on material gathered in the course of survey - the Tribunal set aside...

11. Seeking restoration of petition, which was dismissed for non prosecution - The appellate tribunal acknowledges the assignment agreement between Bank of Baroda and the...

12. Disallowance u/s 14A r.w.r. 8D - no proper recording of satisfaction by the AO for rejecting the suomoto disallowance made by the Assessee - The Tribunal found that in...

13. Without having itself seen the books, the latter observation made by the Tribunal cannot be sustained. Being a fact finding authority and the rejection of books of...

14. Addition u/s. 69A - unexplained cash deposits in the bank account - The Tribunal found the explanation provided by the assessee regarding the sale consideration for real...

15. When the AO rejects the revised return then the whole return is invalid. In case AO makes addition from the revised return then it means that he recognizes the revised...