Home Highlights August 2012 Year 2012 This

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1. Applicability of special tax rate u/s 115BBE - income surrendered in search and seizure operation u/s 132 and offered in the return of income - Admittedly, assessee has...

2. Claim of modification in salary income during the assessment proceedings - Assessee changing income and reducing income offered in the return of income without filing...

3. Benefit of accumulation of income u/s.11(2) - denial of claim on non-submission of Form No.10 along with return of income - In this case, the assessee claims that...

4. Subsidy received under TUFS - Income chargeable to tax - The receipt does not become taxable, merely because it was erroneously offered to tax by the assessee in the...

5. Non-est return of income - Assessee had never applied for PAN, the return of income was not verified and the return being not filed by the Assessee stand established and...

6. Penalty u/s. 271(1)(c) - unexplained share application money and unsecured loans - No incriminating material was found during the curse of search relating to the alleged...

7. Deduction u/s. 80(P)(2)(a)(i) - Due date for filing the return of income u/s 139(1) - The assessee cannot be denied deduction under Section 80P(2)(a)(i) of the Act if...

8. Levy of penalty u/s 270A - Failure to offer the interest on income tax refund subject to tax - the explanation of the assessee for not offering the interest on income...

9. Deduction u/s. 80IB(10) - non filling of return on time - the ITAT held that the return filed beyond the due date cannot claim deduction under section 80IB(10) as per...

10. Rectification of mistake u/s 154 - Though there is a remedy to revise the return but if the assessee could not revised its return of income within the period prescribed,...

11. Correct head of income - Cash received as rental income - assessee could not prove the existence of the persons against whom he has shown the cash receipt as rental...

12. Block assessment - It is duty of the authorities to guide the assessee, if there is some excess offering of income on a misconception and then correct it. Attempt should...

13. Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

14. Penalty u/s.271AAB - Belated filing of regular return after search - Penalty cannot be levied u/s.271AAB of the Act, in respect of income disclosed in regular return of...

15. Penalty u/s 271(1)(C) - reopening of assessment u/s 147 after filing of revised return - Revised return was not filed in response to notice issued u/s.148 and therefore,...