Home Highlights July 2014 Year 2014 This

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1. Addition made by CIT(A) on a new source - CIT(A) power to make an enhancement ​​​​​​/addition upon an issue which does not arise from...

2. 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...

3. Addition u/s 56(2)(viia) - buy back of its own shares - The fact remains that the factum of extinguishment of the purchased shares by reducing the paid up capital of the...

4. Addition u/s 68 - the assessee is not required to explain source of source of the fund gets buttressed by the amendment made in section 68 with effect from 01.04.2013,...

5. Unexplained investment - The basis of addition made in the present case is the source of investment remaining unexplained. Now, the assessee having explained the source...

6. Addition u/s 68 - cash advance received from the customers - it cannot be expected from a seller to examine the creditworthiness of the buyers prior to selling any goods...

7. 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...

8. Additions u/s 69C - CIT(A) contended that the purchases are duly recorded in the books supported by invoices therefore Section 69C do not apply - power of the CIT(A) are...

9. Estimation of business income - The learned CIT (A) confirmed addition merely harping on non-compliance by assessee before the Assessing Officer and not applying his...

10. Addition on account of unexplained money u/s 69A - unaccounted cash - When the cash is found with an assessee, it is the duty of the assessee to prove the source of such...

11. Power of commissioner (appeals) to remand back the case - The order under challenge is not either of the one as is mentioned in sub clause (3) of Section 35A. It is...

12. Addition u/s 68 - Unexplained credit - scope of amended provisions of section 68 - onus to prove source of source - Although, the issue before us pertains to assessment...

13. Reopening of assessment - case was reopened on a ground but additions were made on different ground - it was not open to him to make the addition for unaccounted investment

14. Addition on account of share premium as income from other sources - It becomes income of the assessee only by way of deeming legal fiction. We find that the residuary...

15. Jurisdiction - power of Tribunal to review its own order - Power of Review has to be granted by statute and the ‘power of Review’ is not an inherent power and therefore...