Home Highlights April 2013 Year 2013 This

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1. IT, Estimation of income without rejecting books of accounts is arbitrary, addition made by AO deleted

2. Genuineness of purchases - AO rightly rejected the books of account and made the additions on estimate basis - jugglery of book entries has been played - HC

3. Addition on account of inflation of purchases - suppliers were not maintaining the stock register and their books of accounts were rejected at the time of assessment...

4. Validity of Referring the matter to DVO - Additions based on valuation report - The High Court noted that the assessee had filed its return for the relevant assessment...

5. Penalty u/s 271(1)(c) - addition made on protected assessment - addition in this case was made on protected assessment/addition on estimated basis which is against the law - AT

6. TDS u/s 195 - Addition u/s 40(a)(ia) - remittance made towards fee for technical services chargeable to tax u/s.9 (1)(vii) or not - in the alleged payments made by the...

7. Rejection of books of accounts u/s 145 (3) - AO by recklessly rejecting the books of account proceeded to estimate the income by applying profit @ 5% of the gross...

8. Royalty/fees for technical services u/s. 9 (1) (vi)/9 (1)(vii) - payment made by SCB to assessee company does not fall within the realm of “fees for technical...

9. Penalty u/s 271(1)(c) - estimation of income - bogus purchases - penalty u/s 271(1)(c) of the Act cannot be levied where the addition is made on estimate basis - AT

10. Levying MAT u/s 115JB - 100% reduction of the profit u/s. 80IB(10) - while computing the book profit u/s. 115JB appellant had reduced it from book profit and claimed...

11. Partially rejection of books - assessee incurred the expenses for it’s two activities hence AO cannot reject books partially and if the books of the accounts are...

12. Once the income is estimated, after rejection of books of accounts, no other addition is permissible on the basis of rejected books - AT

13. Addition @ 0.55% of closing balances of creditors and debtors as bogus - If the AO is not satisfied about the books of the assessee,he can reject the same and make an...

14. Difference between the cost of construction as disclosed by assessee and as estimated by the District Valuation Office - no addition could be made without rejecting...

15. Acquittal of the respondents for the charge under Sections 9(1)(b), 9(1)(bb), 1(1)(c) and 9AA punishable under Section 9(1)(i) of the Central Excise Act - Even if a...