Home Highlights November 2013 Year 2013 This

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1. Addition u/s 68 – credit of earlier year, additions made during the current year under dispute - Whatever remedy available with the department could have been utilised...

2. Addition u/s 68 - maturity proceeds of FDRs, alleging unexplained cash credits - In this regard, assessee submits a copy of the bank certificates issued by the Dena Bank...

3. Addition u/s 14A r.w.r. 8D - There is no such provision in the statute that no disallowance of expenditure could be made on investments made in the earlier years....

4. Unexplained Credit – Addition u/s 68 - Additin where fixed deposits taken during the earlier years - fixed deposits renewed during the year - No addition during the...

5. Addition u/s 68 - accommodation entry - additions made on the basis of retracted statements - amount received during the earlier years - assessee has furnished all the...

6. Unexplained cash credit u/s 68 - share application money - amount was received during the earlier years - entries made during the current year for converting deposits...

7. Addition made in the book profit u/s 115JB - claim of interest capitalized in earlier years written off during the current year - creation of provision for employee...

8. Assessment u/s 153A - addition made in respect of completed assessment in absence of any incriminating material - The tribunal found that the additions made to the...

9. Unexplained investment u/s 69B - any investment made during the earlier years including the advances made, cannot be added as unexplained investment merely because that...

10. Disallowance on account of foreign exchange fluctuation loss - It is an undisputed fact that for the assessment year 2012-13, 2013-14 and 2016-17, the assessee declared...

11. TDS u/s 194H - provision towards commission made - As similar provisions were made in earlier years as well as subsequent years by the assessee and the TDS was not...

12. Deduction us.37(1) on account of “Escrow Disbursement Provision” ('EDP’) - Prior period expenditure - To put it simply, the AO will bifurcate total Escrow Disbursement...

13. Disallowance u/s.14A r.w.r. 8D - whether exempt income during the year under consideration? - there is no opening and closing balances of mutual fund. Meaning thereby,...

14. Unexplained credit - Since surrender have been made in earlier year as well as in subsequent year of the amounts in question and taxes have been paid and the amount...

15. Remission / cessation of liability u/s 41(1) - CIT(A) was justified in deleting this addition because the amount stood remitted in the earlier year and not the current year - AT