Home Highlights August 2014 Year 2014 This

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1. Scope of limited scrutiny - cash deposits in the Bank accounts being more than the turnover - The impugned addition made by the AO on account of profit allegedly earned...

2. By not making refund within time limit prescribed by law i.e. within three months, the Refund Officer has violated law and, therefore, when the department itself made...

3. Payment of interest u/s 244A to the deductor on the refund of tax made u/s 240 - Since we have awarded simple interest at 6%, we are not granting any cost in this case....

4. Condonation of delay in filing in appeal - Since, in this case there was mistake on the part of the Assessing Officer, as he did not bring the addition made by him in...

5. Computation of short term capital gain - deemed sale consideration u/s 50C - we are unable to comprehend as to on what basis an appeal had been filed by the assessee...

6. Grant of refund - the attitude on the part of the AO leaves us with a feeling (not based on any evidence) that the Officers of the Revenue seem to believe that it is not...

7. Revision u/s 263 on Insurance business - in the original assessment the Assessing Officer has clearly segregated the Shareholders Account and Policyholders Account and...

8. Interest on refund u/s 244(1A) - The reading of Sections 237, 240 and 244(1A) casts a duty on the Assessing Officer to charge that much of tax which the assessee is...

9. Computation of refund and interest thereon under section 244A - The present case is not a case where interest on interest due was claimed by the assessee. The issue...

10. TDS done by the Ld. AO on the interest granted u/s. 244A(1) - taxability of interest on refund in terms of Article 12(3)(a) of the India- Italy DTAA - the interest in...

11. Allowable business expenditure - Lapse of GST input credit - Disallowance u/s 43B - The said GST Credit lapse is not a provision made by the assessee bank. If said...

12. Addition on account of share premium received u/s 56(2)(viib) - AO has not examined the DCF method of valuation submitted by the assessee and the value of shares...

13. Unexplained cash deposits - Deposits in regular bank account of the assessee, during demonetization period - the assessee was maintaining complete stock tally, the sales...

14. Grant of interest in respect of the refund claim already granted - Revenue’s contention is that they have granted the refund within three months form the date of...

15. Refund of Tax - a deemed acceptance of the return of income furnished by the assessee stands and holds good and consequently, any tax paid either along with the return...