Home Highlights February 2014 Year 2014 This

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1. Assessment u/s 153A - Addition u/s 68 - bogus LTCG - Except the statement of the assessee u/s. 132(4) agreeing for the addition there is no seized incriminating material...

2. Addition u/s 68 - Deeming fiction applies in the hands of the person in whose book’s sums are credited. There it ends, such deeming fiction cannot travel to other...

3. Addition u/s 68 - share capital and share premium - any addition which deserved to be made should have been made in the hands of the share applicants who have shown...

4. Assessment u/s 153A - Addition of bogus purchases on protective basis in the hands of the assessee - Unless, it is brought over knowledge the fate of substantive...

5. Validity of Assessment u/s 153A - The information obtained from outside agencies which was confronted with the assessee during the search cannot be considered as...

6. Additions u/s 68 - Any appellate authority cannot reject the evidences without any discussion or reason. The CIT (A) has not mentioned as to what more evidence were...

7. Addition for the lesser cash in hand found as compared with the books of account - applicability of section 68 or 69A - it was not a case where money is not recorded in...

8. Addition u/s 68 on unexplained capital - erroneous filing of ITR and is a result of mistake committed by the assessee partnership firm - the capital introduced by the...

9. Addition u/s 68 - addition of the cash deposits in the assessee’s savings bank account - as the bank account of an assessee cannot be held to be the 'books' of an...

10. Protective addition made in the hands of the assessee - addition u/s 68 - the Revenue cannot take different stand in respect of these two assessee.

11. Addition based on loose sheets found during the search - on money payment - Addition u/s. 69A r.w.s.115BBE - -Since, search u/s. 132 was conducted in the residence and...

12. Addition u/s 68 - Additions based on pen drive etc found from the third party - revenue authorities have failed to establish any connection either business or personal...

13. Addition u/s 68 - unsecured loans Addition u/s 2(22)(e) - Deemed dividend - The Tribunal found merit in the Assessee's submissions, noting that all relevant documents...

14. Addition u/s. 69 based on information received from Australian Tax authorities - There is absolutely no other material in the hand of the A.O. of proving the addition in...

15. Addition u/s 68 - unexplained cash credits - Onus to prove - CIT(A) deleted addition - The Tribunal found that the assessee failed to discharge its onus of proving the...