Home Highlights May 2012 Year 2012 This

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1. Correct head of income - compensation received for vacating the flat - While the assessee argued for capital gain treatment, the Revenue contended it should be...

2. Income from undisclosed sources - addition of agricultural income - Assessment of agricultural income declared by the assessee for various assessment years was...

3. IT, Estimation of income without rejecting books of accounts is arbitrary, addition made by AO deleted

4. Revision u/s 263 by CIT - substantial increase in the capital account - In the present case the Ld. Pr. CIT on the one hand mentioned that the assessee did not provide...

5. Addition u/s 68 - credit of undisclosed income - it was declared before settlement commission that company has earned the undisclosed income and routed in books through...

6. Addition u/s 68 - availability of source and application of fund - Cash in hand - AO ought to have made cash flow statement with opening cash balance, deposit and...

7. Surplus on maturity of the policy /prematurely surrendered insurance policy - Income from other sources of capital gain - the addition made by the Assessing Officer in...

8. Reopening of assessment u/s 147 - AO recorded his satisfaction about escapement of income for sale of investments - no addition made on this issue - addition made for...

9. Addition u/s 68 - investment made by the partners - AO has examined 79 unsecured creditors who appeared before the AO and given statements on oath. All of them have...

10. Source of making donations - AO merely changed the head of income from ‘agricultural income’ to ‘income from other sources’. By changing the head of income alone, it...

11. Unexplained investment - The basis of addition made in the present case is the source of investment remaining unexplained. Now, the assessee having explained the source...

12. Addition on account of share premium as income from other sources - It becomes income of the assessee only by way of deeming legal fiction. We find that the residuary...

13. Disallowance of capital gains - AO was wrong in treating this transaction as ‘income from other sources’ and making disallowance u/s 68, instead of capital gains as...

14. Interest paid on borrowed capital (from bank) invested in a house property - the claim of interest on borrowing applied to a particular source of income (house property)...

15. Additions towards Credit card expenditure - when the income of the assessee has been taxed, he has the source of such expenditure available and therefore, making the...