Home Highlights April 2012 Year 2012 This

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

2. Re opening of assessment - before issuance of notice u/s 148 reasons were recorded for one issue only - reaons for other two issues were recorded after issuance of ...

3. Reopening of assessment u/s 147 - AO has reasons to believe that such payments which were not considered during the original assessment escaped assessment and therefore,...

4. Validity of reopening of assessment u/s 147 - accommodation entries - In the instant case, the notice under Section 148 of the Act has been issued by the assessing...

5. 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...

6. Reopening of assessment u/s 147/148 - failure to issue notice u/s 143(2) - reopening of assessment is not valid as the Income Tax Department has power to conduct the...

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

8. Reopening of assessment u/s 147 - the notice u/s 148 on the basis of “on verification of records” - the AO has power to reopen the assessment, provided there is...

9. Reopening u/s 148 - accommodation entry - recording of reasons to belief - AO did not mention any material facts in the reasons such as original assessment u/s 143(3),...

10. Validity of reopening of assessment - The High Court found that the Assessing Officer issued the notice based on the survey action on Jammu & Kashmir Bank, conducted...

11. Reopening of assessment u/s 147 - The High Court observed that, the expression “accommodation entry” and “bogus financial transaction” in the recorded reasons are not...

12. Reopening of assessment u/s 147 - Legality of assessment framed in the capacity of legal heir - notice u/s 148 was issued in individual capacity and the assessment was...

13. 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...

14. Addition relating to alleged commission / interest - even if the loan provided by the family members of the assessee to Bajaj Group is not actual loan and is only...

15. Accommodation entries - Entry providing business - commission on accommodation entries by way of purchase and sale bills to the needy parties - only commission is...