Home Highlights December 2011 Year 2011 This

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1. Addition u/s 68 as accommodation entries - long term capital gain on sale of shares as sham/bogus transaction - Mere suspicion cannot be a ground for treating the...

2. Addition u/s 68 - bogus share transactions - as alleged transactions in shares, “penny stock” are fraudulent and accommodation entries - The Appellate Tribunal noted...

3. Additions against Over-invoicing of Purchases - The Tribunal found that the AO's selective reliance on pieces of evidence without considering the entirety of the...

4. Addition u/s 68 - Bogus share transactions - accommodation entries receipt - all these shares in the preceding as well as in the current year were purchased from various...

5. Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

6. Addition on account of diversion of income - The assessee is a simple dealer in grains and obviously does not have any big brand name of his own but simply purchasing...

7. Addition on account of inflation of purchases - suppliers were not maintaining the stock register and their books of accounts were rejected at the time of assessment...

8. Allowability of Derivative loss - separate addition on account of alleged payment of margin monies on an estimated basis - The Tribunal emphasized that in derivative...

9. Addition u/s 69B - applicability of Section 50C - difference between the market value assessed by the stamp authority and the purchase price as shown by the respondent...

10. Transfer Pricing Adjustments - Purchase of Development Rights - capital transactions and their treatment - The tribunal addressed several crucial issues regarding the...

11. 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...

12. Addition u/s 94A - transactions with persons located in notified jurisdictional area - We note with the able assistance of both the parties that the CIT(A) has nowhere...

13. Addition on the basis of inflated stock statement submitted to bank - Addition under Section 69B - additions not permissible - HC

14. Protective addition on account of unexplained credit entries appearing in the bank account - assessee company is a conduit - addition on account of unaccounted...

15. 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...