Home Highlights July 2012 Year 2012 This

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1. 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...

2. Addition u/s 68 - It cannot be held that suppliers were not genuine only because summons u/s 133(6) were not served. - AT

3. 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....

4. Penalty u/s 272A(2)(c) - non compliance of notice u/s 133(6) - Since there is no reasonable cause furnished by the assessee as mentioned u/s 273B for non furnishing of...

5. Genuineness of purchases - non compliance of notices u/s 133(6) - non of entities declared as Hawala/Bogus dealers by any of the authorities - assessee was able to...

6. Additions u/s 41(1) - Authorities Below has presumed that the trading liability ceased to exist as the notice u/s 133(6) of the Act issued were not served - liability...

7. 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...

8. Disallowance on account of bogus purchases - Merely because notices u/s 133(6) could not be served on the suppliers, assessee- buyer cannot be put to an inconvenience of...

9. Disallowance of Expenses - AO erred in appreciating that nonreply of Section 133(6) notices cannot necessarily lead to disallowance of petty expenses ranging from Rs....

10. Cessation of liability u/s 41(1) - Notice issued u/s 133(6) could not be served upon the creditors - while the assessee has continued to declare the trading liability in...

11. Penalty u/s 271(1)(c) - Addition on account of non-genuine gifts - Penalty proceedings are separate and independent. It is an admitted fact that assessee offered the...

12. 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

13. Penalty u/s. 274 r.w.s. 272(2)(c) - not furnishing the information called for u/s 133(6) - As the assessee has not offered any valid reason for not furnishing the...

14. Amendment to Section 133(6) is constitutional valid - enough safeguard has been provided towards right to privacy - Co-operative Banks are expected to give out the...

15. 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...