Home Highlights March 2013 Year 2013 This

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1. Addition to the valuation of unsold flats - the valuation of unsold stock at the close of an accounting period is a necessary part of the process of determining the...

2. Misuse of the power - Jurisdiction of GST officer for attaching and withdrawing amount from bank account of the assessee - The concerned officer who instructed the bank...

3. Unexplained deposits in bank account - Amount deposited in the bank account was out of sale of various items as held by the assessee as stock in trade and since the...

4. Unexplained cash deposits - Deposits in regular bank account of the assessee, during demonetization period - the assessee was maintaining complete stock tally, the sales...

5. Valuation - sale of Gypsum - mere bifurcation of the sale price of the goods in a mutual contract between the parties under a separate bargain or even a common bargain...

6. Taxable event - Completion of contract - profit on sale of the flats - Advance received from VGP which in fact is the sale proceeds of the flats, on completion of the...

7. Additions u/s 68 - Unexplained cash credit in bank account subsequent to sale deed - Once the sale consideration is accepted as a sale consideration by Sub-Registrar...

8. Unexplained cash credit - addition of cash deposit in bank account - It is important to mention here that the bank statements cannot be termed as books of accounts for...

9. Forfeiture of amount - Addition of amount forfeited by assessee on share warrants u/s 43(5) - amount received on account of forfeiture of amount due to non payment...

10. Addition on account of suppression of sale - The entire amount of suppressed sale cannot be treated as income of the assessee. It is because there was no evidence...

11. Computation of Capital Gains - Accrual of receipt - Inclusion of amount (as part of sale consideration) retained in the Escrow Account for meeting liabilities and...

12. Input services - activities undertaken by the distributors/ consignment stockists of the appellant are purely distribution/ sales and has no element of sales promotion -...

13. Understatement of income on account of sale of energy - change in method of accounting of sales realization - if action of Ld. A.O and the Ld. CIT(A) in adding on...

14. Addition of undisclosed income arising out of sale of land - on-money - Once, nature and character of land sold is established as agricultural land not to be treated as...

15. Addition on account of Repair and Maintenance of Plant and Machinery on estimate basis - sale of scrap - The assessee brought on record a chart of sale made of scrap in...