Home Highlights May 2016 Year 2016 This

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1. Addition u/s 68 - Estimation of commission on accommodation entries - Though, it can be accepted that in case of accommodation entry provider only commission can be...

2. Estimation of commission income - Providing Accommodation entries - Unexplained deposits/loans - when a person is engaged in the clandestine activities of providing...

3. Rate of commission on accommodation entries - CIT(A) has applied correct estimate of rate of commission income @2% which is reasonable and appropriate - AT

4. Accommodation entries - Estimation of income - the addition cannot be made on the basis of any hypothesis presumption albeit it has to be based on evidences or material...

5. Estimation of income - “real income/commission income” - Unexplained deposits in bank account - the assessee is engaged in the business of “cheque discounting” in order...

6. Disallowance of commission paid - excessive expense on commission - the average rate of commission paid by the assessee to others in respect of rice was 20, but rate of...

7. Rate of GST - old rates of GST or new rates - ongoing projects construction of which had started before 01.04.2019 - definition of ‘affordable residential apartment’ has...

8. Validity of Cheque/DD/ Pay Order etc will be 3 months w.e.f. 01.04.2012.

9. Rates of Tax on Goods - Schedule 3 - IGST @ 18% - CGST @ 9% - SGST / UTGST @ 9% - GST

10. Addition made u/s 40A(3) - payment through bearer cheques - payment made otherwise than by cheque or crossed cheque - since the entries in the bank statement reflects...

11. Rationalization of provisions related to the valuation of residential accommodation provided to employees - For uniform method of computation of value of perquisite,...

12. Estimation of commission income on accommodation entries - while deciding identical issue in assessee’s own case, the Tribunal, has upheld estimation of commission...

13. Addition u/s 68 - Estimation of rate of commission - brokerage rate on various bogus transactions - Inasmuch as the assessee accepted the commission at 0.6% by not...

14. Benefit of exemption - commission earned from auctioning of flowers - principal agent relationship - agricultural produce or not - The commission earned from auctioning...

15. Levy of penalty - when the petitioner is not entitled to claim concessional rate of tax under section 3% of the TNGST Act, they are liable to pay penalty under section...