Home Highlights July 2012 Year 2012 This

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1. Addition u/s 68 - AIR information - AO before making such addition on the basis of ITS information from the office of Sub Registrar should have issued a notice u/s....

2. Addition u/s 68 - Loans unexplained - the tax authorities are not justified in placing reliance on the statement given by the director in a third party proceeding...

3. Bogus purchases - addition @ 12.5% of the bogus purchases - accommodation entries - no actual delivery of goods - notices issued u/s 133(6) were returned back unserved...

4. Addition u/s. 41 (1) or u/s 68 - no reply by sundry creditors u/s 133(6) - AO has accepted purchases as genuine and the amount outstanding in the name of sundry...

5. Addition u/s 40A(3) - direct despot of cash in the bank account of the supplier - supplier acknowledged credited the said cash receipts in the ledger account of the...

6. Assessment u/s 153A - Addition u/s 68 - Unsecured cash credits - documentary evidences on record have not been rebutted by the A.O. through any evidence or material on...

7. Addition u/s 68 - Notice u/s 133(6) is issued by the AO could not be served on the share applicants and Inspector’s report also shows that this companies do not exists...

8. Legality of notice u/s 133(6) - The information sought is under section 133(6) and has nothing to do with any of the provisions of the Co-operative Societies Act - HC

9. Addition on account of non production of bills and non appearance of suppliers u/s 133(6) - un-served notice with the remarks “party left” means that earlier this party...

10. Addition u/s 68 - addition on account of share application money - The identity of the above share applicants was also independently verified by the inspectors during...