Home Highlights March 2013 Year 2013 This

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1. Validity of assessment u/s 153A - Non issuance of notice U/s 143(2) - Protective assessment - the assessment has been made on a protective basis, but, it is not clear...

2. Validity of Addition on protective basis - Although, there is no provision in the Income Tax Act authorizing the levy of income tax on a person other than whom income...

3. Assessment u/s 153A - Addition of bogus purchases on protective basis in the hands of the assessee - Unless, it is brought over knowledge the fate of substantive...

4. Protective assessment - Addition u/s 69/69C - Unaccounted investment ad unaccounted commission - CIT(A) has confirmed the substantive additions on the three entities so...

5. Protective assessment/addition - No substantive assessment/addition in the hands of other assessee - It is therefore a case where no substantive additions have been made...

6. Protective assessment - no addition can be made in the hands of the assessee - the protective addition made in the hands of the assessee for these three assessment...

7. Protective assessment u/s 143(3) r.w.s 153C - since the AO has made the addition substantively in the hands of HUF, in the year 2009-10 and there was no ambiguity in the...

8. The concept of protective assessment also becomes important in a situation where the addition on substantive basis is deleted and in such an event, protective assessment...

9. Protective assessment - Addition in the hands of the Assessee Firm on protective basis - since the substantive addition has not been survived on account of being time...

10. Reopening of assessment u/s 147 - undisclosed capital gain - a right person is liable to pay tax on his income and no option is available to tax income in the hands of...

11. Reopening of assessment u/s 147 - protective addition - Neither at the time of recording the reasons, nor at the time of framing the assessment, AO was’nt sure about...

12. Protective assessment converted as substantive assessment – when there are two assessments, one on protective basis and other on substantial basis, it is always...

13. Cancellation of protective assessment – The protective assessments are liable to be quashed if the substantive assessments got confirmed - AT

14. Penalty proceedings u/s 271(1)(c) - protective assessment - there can be a protective order qua assessment, there cannot be a protective order in respect of penalty - HC

15. Procedure and formats for limited review / audit report of the listed entity and those entities whose accounts are to be consolidated with the listed entity