Home Highlights July 2014 Year 2014 This

You may also like:

1. Reopening of assessment u/s 147 - difference pointed out by the DVO in his valuation report - There should be a live link between the material coming to the notice of...

2. Validity of Referring the matter to DVO - Additions based on valuation report - The High Court noted that the assessee had filed its return for the relevant assessment...

3. Capital gain computation - cost of acquisition of the asset as on 01.04.1981 - valuation report of the DVO Vs. Registered valuer Report - Approved Valuer’s report taking...

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

5. Addition based on voluntary disclosure made by the key person of the assesse group during the course of search which has subsequently been retracted - The statement...

6. Bogus Purchases - Credibility of Statements - The tribunal was not convinced by the appellant's argument that the initial statements were made under duress or...

7. Assessment u/s 153A - undisclosed investments - the DVO's report on standalone basis without any corroborating material cannot be construed as incriminating material and...

8. Estimation of income - Bogus purchases - Reliance on retracted statement - The ITAT, after reviewing the case, noted discrepancies in the reliance on these statements...

9. Computation of Long Term Capital Gains - There is nothing on record to substantiate the allegation of intention to avoid tax in the guise of transfer of shares....

10. Validity of reopening of assessment u/s 147 – Reopening made on the basis of DVO’s report - once reference itself is held to be invalid or bad, the DVO’s report obtained...

11. Assessment u/s 153A - undisclosed income - The only stress placed by Revenue is that the amount was accepted as undisclosed income in the statement recorded u/s 132(4)...

12. Capital gain computation - valuation of property - Valuation report of DVO, after all, cannot be treated as the last word on valuation, and there has to be a grievance...

13. Deduction u/s 80P - Failure to file Tax Audit Report - assessee did not submit the audit report as per section 63 of the Karnataka State Co-operative Society Act, 1959 -...

14. Exemption u/s 11 - claiming benefit of accumulation u/s 11(2) over deemed income u/s 11(3) - non application of income - the assessee should not be eligible to claim...

15. Evidentiary value of a statement made on oath by the assessee for making additions - The assessee can explain or withdraw the admission, if any, made by him in such...