Home Highlights September 2012 Year 2012 This

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1. Reopening of assessment u/s 147 - difference pointed out by the DVO in his valuation report - There should be a live link between the material coming to the notice of...

2. Rejection of books of account is not a precondition for enquiring into the valuation of an investment for the purpose of reassessment under section 142A(1) - HC

3. Rejection of books of accounts - it is seen that the Inspector's Report cannot lead to any conclusion that the generation of Scrap was shown by the Assessee at any...

4. Valuation of imported goods - pearls - rejection of declared value - There are various complaints against the said approved valuer of the goods, therefore, his reports...

5. Rejection of books of accounts - The lower G.P. Rate never attracts the addition and it cannot be a ground for rejection of the books - HC

6. Revision u/s 263 - Once the valuation report has not been sent by the valuation officer to the assessing officer/assessee, within the period stipulated by the act that...

7. Income-tax ( 22nd Amendment), Rules, 2017 - Substitution of Form no. 29B - Report u/s 115JB of the Income-tax Act, 1961 for computing the book profits of the company - Notification

8. Addition solely on the basis of Departmental valuation report – addition cannot be justified solely relying upon the valuation report - HC

9. Filing of Cost Audit Report (Form I) and Compliance Report (Form A) in the eXtensible Business Reporting Language (XBRL) mode. - Circular

10. Estimation of value of assets by the Valuation Officer - if the petitioner has any objection to the Valuation Report, he can again raise an objection to the Valuation...