Home Highlights March 2014 Year 2014 This

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1. Dropping of re-assessment proceedings u/s 147 - the proceedings for reassessment u/s 147 of the Act is for the benefit of the Revenue, hence, dropping of re-assessment...

2. 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...

3. Reopening of assessment u/s 147 - Initiation of reassessment proceedings, u/s.148 of the Act and issued notice to the assessee was based on valid reason on the strength...

4. Validity of the reassessment proceeding framed u/s 147 - Admittedly, the addition on account of bogus purchases has been made by the AO which is sufficient enough for...

5. Reopening of assessment - under-declaration of the investment made - Whether merely because certain issues and additions were considered during the block assessment...

6. Protective assessment/addition - No substantive assessment/addition in the hands of other assessee - It is therefore a case where no substantive additions have been made...

7. The concept of protective assessment also becomes important in a situation where the addition on substantive basis is deleted and in such an event, protective assessment...

8. Reopening of an assessment beyond 4 years - issue of bogus purchases - specific and concrete information available with the AO - Reassessment proceedings sustained -...

9. The addition made by the AO except the addition made on account of bogus purchases which was the subject matter of reassessment, are not sustainable. Once, it is...

10. Levy of penalty u/s 271(1)(c) - The Assessing Officer has to record satisfaction before initiating penalty proceedings and the penalty proceedings are subject to...

11. Proceedings u/s 153A - addition of Unexplained cash credit U/s 68 - if there is no incriminating material to reassess the income of the assessee then the AO legally...

12. Jurisdiction by AO to suo-moto convert protective assessment into substantive assessment post completion of original assessment proceedings - Once the ld CIT(A) was...

13. Initiation of reassessment proceedings - AO has nowhere brought out as to how the claim of depreciation at higher level in the original assessment proceedings can be...

14. Reassessment u/s 147 - level of enquiry at stage of re-opening and in reopening proceedings - In the re-assessment proceedings the AO was expected to undertake a...

15. Reopening of assessment u/s 147 - unexplained share application money - non independent application of mind by AO - In the present case also since the AO acted upon the...