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Income Tax - Highlights / Catch Notes

Home Highlights October 2020 Year 2020 This

Limited scrutiny - Addition on account of cash borrowings from ...

Income Tax

October 22, 2020

Limited scrutiny - Addition on account of cash borrowings from agriculturists and interest received on compensation in respect of agricultural land - - Any consideration of the details relating to the income from other sources is beyond the scope of this limited scrutiny, inasmuch as the reason for a limited scrutiny includes low income from other sources as compared to large value fixed deposits - AT

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  1. Disallowance of an expenditure incurred representing the interest paid - case was selected for limited scrutiny on different issues - A.O. has not made any...

  2. Scope of limited scrutiny - cash deposits in the Bank accounts being more than the turnover - The impugned addition made by the AO on account of profit allegedly earned...

  3. Additions beyond the scope of limited scrutiny assessment - Conversions of Limited Scrutiny to Extensive Scrutiny - no steps has been taken to convert the limited...

  4. Addition in respect of the gift received as unexplained cash credits as well as non-genuine - HC

  5. Scope of limited scrutiny - Assessing Officers should abide by the instructions of CBDT while completing limited scrutiny assessments and should be scrupulous about...

  6. Scope of Limited Scrutiny - Accrual of income - Addition towards advance fees and deposits from old students - AO attempt to convert limited scrutiny into complete...

  7. Revision u/s 263 - scope of limited scrutiny - PCIT has directed the AO to pass the assessment order afresh ignoring that when the case is selected for limited scrutiny,...

  8. Conversion of “Limited Scrutiny” into “Complete Scrutiny” - Expanding the scope of limited scrutiny assessment without necessary approval - Since the notice under...

  9. Valuation - inclusion of notional interest on advances received - they did not extend this cash discount to those dealers who are not making advance payment - additions...

  10. Penalty u/s 271D - Acceptance of loan in Cash by the appellant firm from its agriculturist customer - violation of provisions of section 269SS - penalty confirmed - HC

 

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