Home Highlights September 2012 Year 2012 This

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1. Protective addition on account of unexplained credit entries appearing in the bank account - assessee company is a conduit - addition on account of unaccounted...

2. Accommodation entries - Estimation of income - the addition cannot be made on the basis of any hypothesis presumption albeit it has to be based on evidences or material...

3. Exemption u/s 11 - allegation of accommodation entry in the garb of corpus donation - There is no legal admissible evidence on record against the assessee that assessee...

4. Addition u/s 68 - Unexplained share application money - onus to prove - Where the assessee shows that entries regarding cash credit in a third party’s account are...

5. Estimation of commission income - Providing Accommodation entries - Unexplained deposits/loans - when a person is engaged in the clandestine activities of providing...

6. Reopening of assessment - accommodation entries - nothing concrete was brought on record to substantiate that the assessee received any entry or made payment for...

7. Addition u/s 68 - Identity of third party established - It will not before the assessee thereafter to explain further how or in what circumstances the third party...

8. Assessment u/s 153A - estimation of value of accommodation entries - The AO has computed the accommodation entries amount at the rate of 0.25% on hypothetical manner...

9. On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled...

10. Unexplained advance - Assessee has to prove its claim that it has rotated money of the beneficiaries and provided accommodation entries to the beneficiaries against...

11. Addition u/s 68 - entry in the books of purchaser regarding cash payment - there is nothing on record which corroborates the fact that any such unaccounted money flowed...

12. Undisclosed income - entry in the seized material wherein "P-money" was written - Assessing Officer is of the view that "P-money" stands for pocket money and treated it...

13. Reassessment proceedings after information received from Director of Investigation regarding bogus/accommodation entries - HC

14. Addition u/s 68 - Estimation of commission on accommodation entries - Though, it can be accepted that in case of accommodation entry provider only commission can be...

15. Bogus accommodation entry - since the assessee has never rescinded the agreement the question of forfeiting the earnest money does not arise - the agreement of sale in...