Home Highlights December 2014 Year 2014 This

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1. Validity of Assessment u/s 153C - Notice issued by any officer other than jurisdictional AO - the entire conspectus of the case, it appears that the AO had recorded the...

2. Penalty u/s 271(1)(c) - Assessee has failed to explain the source with support of evidence, but his explanation was not found to be false. The lapse committed at his end...

3. Reopening of assessment v/s assessment u/s 153C - The Appellate Tribunal acknowledged the argument presented by the appellant and emphasized the importance of applying...

4. Revision u/s 263 - Addition u/s 68 - second revisional jurisdiction of Pr. CIT - Whether the AO (called second AO) has not conducted enquiry while framing re-assessment...

5. Validity of Assessment u/s 153A - The information obtained from outside agencies which was confronted with the assessee during the search cannot be considered as...

6. Reassessment u/s. 147 or 153C - the information of alleged accommodation entries was passed on to the AO of the assessee by the investigation wing - no material...

7. Assessment u/s 153C - Addition u/s 69A - Certain incriminating documents/information contained in the seized material pertained to the assessee, the proprietor found...

8. Eligibility for deduction u/s. 80IC on additional income - Since the assessee has failed to explain the availability of funds with him to explain the entries made in the...

9. Additions towards Hawala Transaction u/s. 69A - As against such alleged hawala transactions, no fresh unsecured loans have been found credited in the books of account of...

10. Addition u/s 68 - unexplained cash credits - Onus to prove - CIT(A) deleted addition - The Tribunal found that the assessee failed to discharge its onus of proving the...

11. Reopening of assessment u/s 147 - Whether AO has assumed the jurisdiction on wrong facts? - The date of filing of the return is much before than the date of recording of...

12. Assessment u/s 153C - undisclosed income of the present assessee - As per the provisions of section 153C of the Act, incriminating material which was seized had to...

13. 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...

14. Deduction u/s 10B - ordinarily, what profit the assessee might have expected to arise - AO had not brought on record any material to demonstrate that the assessee...

15. Validity of Reopening of assessment u/s 147 - to say that the assessee had concealed any material fact relating to EDC, is not correct. That he had reflected it is as a...