Home Highlights June 2019 Year 2019 This

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1. Disallowances of certain expenditure - Mere production of ledger extract without supporting bills and vouchers would not absolve the assessee from proving the...

2. Genuineness of purchases - AO rightly rejected the books of account and made the additions on estimate basis - jugglery of book entries has been played - HC

3. Penalty u/s 271D & 271E - default committed in violation of section 269SS & 269T - Reliance on search proceeding documents - Transactions being mere book entries -...

4. Penalty u/s 271(1)(c) - mere entries in the books not enough, if not disclosed in the return of income - penalty confirmed. - AT

5. Deferred revenue expenditure - the entries in the books of account cannot be the basis whether a receipt is taxable or not or whether expenses are allowable as a...

6. Genuineness of the purchases and total cost incurred towards the construction - on the basis of such half baked facts addition cannot be made on mere presumption and surmises.

7. Additions u/s 68 - cash credit -AO doubted the creditworthiness or the genuineness of the transaction on the basis of mere presumption and suspicion without properly...

8. Unexplained unsecured loan - the necessary papers to establish genuineness of the transaction were filed and the assessee had proved beyond doubt the identity of the...

9. Mere entry in the books of accounts and classifying the said payment as capital, i.e., it has been capitalised in the books will not at all be determinative as it has to...

10. Rejection of books of accounts - Estimation of income @ 2% of gross sales – mere selling of goods at low margin cannot be made the reason for rejection of books of accounts - AT