Home Highlights February 2014 Year 2014 This

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1. Long Term Capital Gains - claim of conversion of agriculture land into stock-in-trade - The assessee was required to disclose such lands as stock in trade in books of...

2. Unexplained deposits in bank account - Amount deposited in the bank account was out of sale of various items as held by the assessee as stock in trade and since the...

3. Addition of surplus amount received by the assessee from jewellery auction - claimed to be returnable to the concerned borrowers - CIT has rightly deleted the addition...

4. Addition on account of Repair and Maintenance of Plant and Machinery on estimate basis - sale of scrap - The assessee brought on record a chart of sale made of scrap in...

5. Depreciation - Disallowance of amount released from reserves account under normal computation of income - The net result of the accounting entries passed in the books of...

6. Addition u/s 68 - Bogus LTCG on the sale of equity shares - The sale proceeds of such shares was credited to the bank account of the assessee. A copy of bank account...

7. If the assessee has consistently treated the shares investment account as her investment for long-term purposes and has not shifted the stock in investment account to...

8. Addition on account of cash deposit to the bank account of the assessee - assessee is consistently submitting that the assessee has two bank accounts in her name and the...

9. New Accounting Code for the purpose of Accounting of collection of Service Tax - Trade Notice

10. Taxability of capital gains - denial of adjustments to full value of sale consideration towards amount lying in Escrow account while determining the LTCG - ITAT accepted...

11. 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...

12. Addition of surplus realised on sale of jewellery - The excess amount on sale of jewellery has neither accrued nor has been received by the bank as its income u/s. 5 of...

13. Exemption u/s 10 (23C) (vi) - generation of surplus from year to year - the court referred to precedents and a clarificatory circular issued by the Ministry of Finance....

14. Rejection of books of account - trading addition - Assessee cannot claim advantage of lesser addition by getting the books rejected year after year and avoiding the...

15. Realignment of profits arising on sale of land parcels - surplus arising on sale of asset - ‘capital gains’ OR ‘business income’ - The CIT(A), in our view, has come to a...