Home Highlights July 2012 Year 2012 This

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1. Addition u/s 68 - non maintenance of books of accounts - There was no actual credit of cash or otherwise received by the assessee. No entries are made in the books of...

2. Accrual of income - non realization of ‘Provision for surcharge’ - even though the assessee has been following mercantile system of accounting, since it is not real...

3. Deemed dividend addition u/s 2(22)(e) - Provisions of Section 2(22)(e) relating to loan or advance can be deemed as dividend only to the extent of accumulated profit or...

4. Addition u/s. 41(1) - Difference between the amount payable as per books of accounts and amount as per the confirmation received from the creditor - The High Court...

5. Assessment u/s 153A - Addition made on account of disclosure of undisclosed income made u/s 132(4) - client code modifications for an unusually high number of times -...

6. Addition u/s 69 - unexplained investment - addition had been made by the AO by treating the amount deposited to the bank account owned by the brother of the assessee as...

7. Non deduction of TDS - Additions u/s 40(a)(ia) - If an assessee has paid any amount on account of fees for technical services outside India or in India to a non-resident...

8. Addition u/s 68 - addition of the cash deposits in the assessee’s savings bank account - as the bank account of an assessee cannot be held to be the 'books' of an...

9. Provision of warranty - accounting policy - the provisions of warranty made by the assessee company was on the basis of the scientific and consistent method - No...

10. Additions u/s 40(a)(ia) for non deduction of TDS - it was claimed that, these amounts were disallowed u/s 40a(ia) suo motu - assessee-company had not made any attempt to...

11. Assessment of trust - addition made u/s 115BBC on account of anonymous donations - The ITAT held that the addition made by the AO was not in accordance with the...

12. CENVAT Credit - provision made in the books of accounts on account of Non-Moving Inventory, without reducing (writing down) the value of inventory - Rule 3(5B) of Cenvat...

13. Reversal of CENVAT Credit - inputs written off - provision made in the books of accounts on account of Non-Moving Inventory, without reducing the value of inventory -...

14. Return of TDS amount deducted u/s 194A on award passed under motor insurance act - This application is allowed and the Registry is directed to release the amount...

15. Unexplained investment u/s 69 - wire transfer from NRE account - assessee is a non-resident - transfer from the account of the assessee’s son, who is also a resident of...