Home Highlights July 2013 Year 2013 This

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1. TCS u/s 206C - sale of forest produce, not being timber or tendu leaves - waiver from collection of TCS - matter remanded back for reconsideration - AT

2. Rate of tax - Tendu leaves - There is serious error of interpretation has been committed by the learned Single Judge by treating the Tendu leaves as a minor forest...

3. Collection of TCS u/s 206C - Sale of tendu leaves at the second stage whereas in the first stage the tendu leaves were sold on the Govt Undertaking - The ITAT observed...

4. Addition u/s 14A read with rule 8D - categorical finding and satisfaction of the A.O. that expenditure has been incurred to earn the exempt income - Disallowance upheld

5. Disallowance u/s 40A(3) - splitting the payments in excess of ₹ 20,000 - Genuine and bona fide transactions are not taken out of the sweep of the section -...

6. Additions made u/s 69B - excess stock found during survey - assessee contended that as per the books during the course of survey was without the opening stock - no merit...

7. Penalty u/s 271(1)(c) on addition made u/s 68 - the assessee has given sufficient explanation though not found satisfactory by AO - No merit in levying penalty.

8. Excess stock found during the search - A.O. has not held that there was any difference in quantity of stock as per valuation report and as per hooks of accounts. There...

9. Addition u/s.69 or 68 - assessee has paid on-money towards purchase of property to the seller - The assessee is only owner of 1/3rd share in the property purchased. -...

10. Valuation of Excess stock found during search - argument of the AO for not allowing deduction of GP embedded in the estimated market value, is devoid of any merit - AT