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Income Tax - Highlights / Catch Notes

Home Highlights August 2016 Year 2016 This

Allowance of process loss in Sun Flower Oil - only on basis of ...

Income Tax

August 4, 2016

Allowance of process loss in Sun Flower Oil - only on basis of an isolated answer by one of the Directors of the company, the Assessing Officer could not have come to the conclusion that the process loss was artificially inflated. - HC

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  1. Manufacture - Isolated soya protein - the starting point of the making process is de-oiled cake, i.e. de-fatted. The net result is that the final product - isolate soya...

  2. Assessing Officer directed to allow set off of current year's business loss as well as the brought forward business loss/unabsorbed depreciation against the income...

  3. CBDT made a scheme for centralised issuance of notice and for processing of information or documents and making available the outcome of the processing to the Assessing Officer.

  4. Disallowance u/s 14A - Carry forward of business loss – setting off carry forward business losses now depends on the finality of the addition made by Assessing Officer...

  5. TDS u/s 195 - TDS on overseas payment - Annual Payment made to the international boards through affiliation with IBO, Cambridge etc. under the head authorization fee,...

  6. Reopening of assessment u/s 147 - Assessing Officer to usurp the jurisdiction to reopen the assessment - The first Assessing Officer has made the reassessment after...

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

  8. DTA clearance of cut-flowers by 100% EOU would attract customs duty in an amount equal to customs duty chargeable on import of such cut-flowers - AT

  9. Bogus loss from trading in shares/securities - ITAT observed that, despite the appellant's submission of evidences during the assessment proceedings, the assessing...

  10. Addition u/s 68 - Simply because the directors/shareholders did not present themselves before the Assessing Officer, an addition u/s 68 cannot be made.

 

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