Home Highlights March 2013 Year 2013 This

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1. Use of materials seized and the statement furnished by the third parties against the assessee - the opportunity for the rebuttal to the assessee for the seized documents...

2. Addition on account of unaccounted cash payments u/s 69C - Addition on the basis of the statements given by four employees in the course of search u/s 132(4) - not only...

3. Clandestine removal - demand has been confirmed on the basis of entries in spiral note book recovered - It is well settled law that only on the basis of statements, huge...

4. Evidentiary value of a statement made on oath by the assessee for making additions - The assessee can explain or withdraw the admission, if any, made by him in such...

5. Unaccounted cash receipt - Addition on the basis of scribbling pad found during the course of search - even though the employees statement were not retracted, the same...

6. TDS u/s 195 r.w.s. 192 - salary costs of a seconded employee - The employees in their capacity as employees of the assessee had to control and supervise the activities...

7. Demand of service tax cannot be confirmed merely on the basis of Form 26AS (TDS statement) - Without looking into the books of accounts, nature of such transactions...

8. Validity of retraction of the statement made in survey proceedings u/s 133A - It is always open for the revenue authorities to examine the correction of the retraction...

9. Clandestine Removal - reliability on statements of witnesses - It is well settled law that though the statements carry good persuasive value but such untested statements...

10. Addition u/s 69B on account of difference in stock statement given to the Bank - the stock statement tally with the stock statement submitted to the bank at the end of...

11. Addition u/s 68 - Unexplained cash deposits - statement of the assessee admitting the income at the time of survey - subsequent retraction made by assessee - it is not...

12. The Administrative directions for fulfilling recovery targets for the collection of revenue should not be at the expense of foreclosing the remedies which are available...

13. Exemption u/s 11 - Denial of exemption as assessee is into providing buses on hire for excursion, wedding, pilgrimage etc., to general public and charges for such...

14. Addition on account of income surrendered as per statement u/s 132(4) - though the statement recorded u/s 132(4) has a better evidentiary value but it is also a settled...

15. Assessment us 153A - Statement of assessee alone cannot be the basis for making any estimated additions against the assessee. May be the assessee has retracted from the...