Home Highlights July 2013 Year 2013 This

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1. 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...

2. Block assessment - Undisclosed income versus opening capital - block assessment - held that:- the said opening capital accrue to the assessees at a point of time...

3. 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...

4. Unexplained investments u/s 69- Tribunal deleted the addition - The term assessed being flexible, it bears very comprehensive meaning. Therefore, under Section 158BB of...

5. Assessment u/s 153C/153A - Computation of the Relevant Assessment Years Block - Jurisdiction for Reopening Assessments - The Delhi High Court meticulously analyzed the...

6. Penalty u/s. 271AAB - 10% OR 30% of undisclosed income - the department having taken the huge amount in their custody, cannot take unjust enrichment of it, when on one...

7. Addition of undisclosed income of the block period u/s 158BB - non-filing of the return for the assessment year 1995-96 on the ground that after allowing the deduction...

8. Block Assessment - prosecution Proceedings- Offence Committed u/ s 276C(1) and 277 r.w.s 278B - having decided the preliminary issue as regards there being no power...

9. Block Assessment - Set off or carry forward of loss for p/y years from the undisclosed income determined during Search - It is clear that in computing the total income...

10. Reopening of assessment u/s 147/148 - failure to issue notice u/s 143(2) - reopening of assessment is not valid as the Income Tax Department has power to conduct the...

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

12. Assessment u/s 147 - Additions u/s 68 - The regular assessment and block assessment are both separate proceedings and even can run parallel - assessee has failed to...

13. Income u/s 158BA - Block assessment - If the principal amount is not considered as undisclosed income, the interest accrued thereon cannot be construed as undisclosed...

14. Penalty levied by the AO u/s. 271AAB r.w.s. 274 - levy penalty of 30% on undisclosed income - the reasons given by the AO to levy 30% penalty on undisclosed income is...

15. Undisclosed income declared not to affect finality of completed assessments - THE INCOME DECLARATION SCHEME, 2016 - A declarant under this Scheme shall not be entitled,...