Home Highlights September 2012 Year 2012 This

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1. Capital gain - Valuation of the property sold by the assessee - reference to DVO - ITAT noted that the reference made by the AO to the VO was not in accordance with the...

2. Reference made to DVO for determination of FMV u/s 55A(a) - AO before making a reference to the Valuation Officer has not brought anything on the record indicating that...

3. Admission of income pursuant to survey operation u/s 133A - If the assessee did not adhere to the surrender made during the survey, it was for the AO to bring on record...

4. Unexplained investments - There is no positive and credible evidence brought on record by the revenue to establish the allegation of cash payment over and above the...

5. Deduction u/s 10B - ordinarily, what profit the assessee might have expected to arise - AO had not brought on record any material to demonstrate that the assessee...

6. Addition on account of long term capital gain - AO has not brought on record any material which establish non-genuineness of the members of the society - all the members...

7. Addition relating to shifting of profits made - AO has not brought any material on record to show that the assessee had received back corresponding amount equivalent to...

8. Addition u/s 68 - share application money/share capital and share premium as unexplained - The onus was on revenue to dislodge assessee’s documentary evidences and rebut...

9. Understatement of sales - search and seizer operation were carried wherein the certain loose papers were found and seized - When all the explanation, documents were...

10. Unexplained investment - Assessee has brought on record certain evidence before the AO - the Assessing Officer ought to have investigated from both the parties for...

11. Unexplained cash credit u/s 68 - sham transaction - Revenue authorities referred and relied on material and statements of various broker or entry operator recorded or...

12. Addition u/s 14A r.w.r.8D - AO mandation to record dis-satisfaction with the correctness of the Assessee's claim regarding expenditure related to exempt income - The...

13. Validity of assessment u/s 153C - incriminating material related to assessee - at the first instance, while calling upon the assessee to show cause as to why non compete...

14. Addition u/s 68 - A.O. failed to conduct scrutiny of the documents at assessment stage and merely suspected the transaction between the Investors and the assessee. A.O....

15. Reopening of assessment u/s 147 - The entire exercise of re-opening would depend upon the reasons recorded by the AO and therefore the reasons recorded to re-open the...