Home Highlights November 2011 Year 2011 This

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1. Deduction u/s 80IB - amount declared during the course of survey as additional income - assessee is not entitled to the deduction under section 80IB of the Act on the...

2. Additional income disclosed during the course of survey - To be taxed @ 60% u/s. 115BBE or not - the AO and the Ld.CIT(A) are erred in assessing additional income...

3. Higher rate of tax u/s 115BBE - As noted that the assessee has declared additional income towards excess stock found during the course of survey and assessee has...

4. Addition u/s 68 - additional income declared by the appellant in the course of survey action u/s. 133A - disallowing the sum of 6 crores debited to the profit and loss...

5. Addition on account of additional income declared in the course of survey u/s 133A on oath - addition on unexplained credit - addition cannot be made only on the basis...

6. Penalty levied u/s. 271(1)(c) - undisclosed income surrendered during the course of survey - Assessee cannot be held to have concealed or furnished the particulars of...

7. Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

8. Penalty u/s 271(1)(c) - additional income was declared in survey u/s 133A - date of filing of return u/s 139(1) had not expired - The fact of “concealment of income” and...

9. Income surrendered in survey action - undisclosed professional income - In fact, no such income has been found during the survey action. However, the assessee to keep...

10. Nature of income surrendered during survey - Taxable ‘Head of income’ - excess income declared during the course of survey proceedings cannot be treated as unexplained...

11. Deduction of Partner’s Remuneration from additional Business Income surrendered during survey u/a 133A - there is no restriction - claim allowed - AT

12. Nature of income surrendered during the course of survey u/s 133A - deemed income u/s 69 and 69A or business income - The surrender on account of advances were relating...

13. Applicability of higher rate of tax as per section 115BBE - income declared during the course of survey proceedings - Admittedly, the assessee had offered such...

14. Surrendered income - Surrender by the son of the assessee during the course of survey - the delay in retraction by the assessee as pointed out by the Ld. AO cannot be of...

15. Addition based on survey proceeding - Unexplained stock of gold and silver jewellery - The statement given during the course of survey is not a statement on oath as...