Home Highlights December 2014 Year 2014 This

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1. Additions towards Undisclosed profit from contract work and transport income - The tribunal found that the assumptions made by Ld. AO are without any basis, on the...

2. Difference in job work income shown in the profit & loss account and income as per form no.26AS - It is settled position of the law that no addition can be made on the...

3. Expenses incurred for earning interest income on estimation basis - AO is directed to allow 1% of expenses on account of interest income and on service charges income - AT

4. Estimation of income - Rate of Gross profit (GP) - rejection of books of account - Since the average of past history of GP declared by the assessee is considered as a...

5. Business income v/s undisclosed income - If the assessee had shown income u/s.44AD which is presumptive basis for taxation and looking to the nature of bank account...

6. Estimation of profit - Once the assessee was asked to show cause as to why 6% net profit should not be applied for estimation of income, the A.O. should not apply a...

7. Accrual of income - real income - since the basis, modality and the amount on which the capacity charges, deemed generation charges and capacity Index Incentives were to...

8. Addition on account of cash deposit to the bank account of the assessee - assessee is consistently submitting that the assessee has two bank accounts in her name and the...

9. Entitled to registration u/s 12AA and approval under Section 80G - Allegation of charging higher rate of interest from the self help groups in the name of charitable...

10. Correct head of income - rental income - Maintenance charges claimed by the assessee can only be treated as separate source of income and it can be charged as a separate...

11. Addition of commission income - estimation commission income of the assessee for 207 days - set off with the income already disclosed by the assessee - the only method...

12. Service of proper show cause notice - Rule 142(1)(a) of GST - While the show cause notice does not even contain the brief facts of the case or the grounds alleged even...

13. Income from house property - Income received on leasing of land and building - the assessee had correctly shown the said income under the head “income from house...

14. Levy of GST - job work charges charged for manufacturing of Cattle Feed / Poultry Feed on job work basis - scope of supply - the activity is liable to GST @5%

15. Best Judgement assessment u/s 144 - Estimation of income - The Assessing Officer issued notices under section 143(2) as well as various notices issued under sections...