No addition to be made in block assessment if no incriminating material found during search

No addition to be made in block assessment if no incriminating material found during search Posted: 09 Jan 2013 07:14 PM PST AO had made assessment on the information/material available in the return of income. The information regarding the gift was available in the return of income as capital account had been credited by the assessee by the amount of gift. Similar was the position in relation to addition under section... Due dates for furnishing ITR-V for AYs 2010-11, 2011-12 & 2012-13 extended Posted: 09 Jan 2013 06:17 PM PST Director General of Income Tax (System) hereby extends the time limit for filing ITR-V forms relating to Income Tax Returns filed electronically (without digital signature Certificate) for A.Y. 2010-11 [Filed during F.Y. 2011-12] and for ITRs of A.Y. 2011-12 [filed on or after 1-4-2011] till 28th... Reassessment Notice u/s. 148 notice issued by a non-jurisdictional AO is not valid Posted: 09 Jan 2013 12:01 AM PST Section 148 mandates issue of notice before assessment, reassessment or computation u/s 147. As per section 148, it is mandatory that the Assessing Officer shall serve on the assessee a notice required him to furnish a return. The expression "Assessing Officer" used in the section 148 means 'the... Recalling of order by Tribunal is not permissible u/s. 254(2) Posted: 08 Jan 2013 11:59 PM PST The scope and ambit of application of section 254(2) is very limited. The same is restricted to rectification of mistakes apparent from the record. Recalling the entire order obviously would mean passing of a fresh order. That does not appear to be the legislative intent. The order passed by the... Warranty provisions not to be added for calculation of book profit for MAT Posted: 08 Jan 2013 11:13 PM PST The facts of the case are that the assessee which is engaged in the business of manufacture and trading of medical consumable devices and diagnostic equipment for use by the health care professionals, medical research institutions, industry and general public etc. had claimed provision for warranty... TPO cannot determine ALP of Project at NIL if Assessee submit all relevant documents & bills Posted: 08 Jan 2013 09:25 PM PST In our opinion, the exercise of ascertaining ALPs has to be done by the TPO keeping in view the well laid down scheme in the relevant provisions of the Act and addition, if any, on account of TP adjustment, has to be made only after doing such exercise. We, therefore, restore this issue to the file... Assessee entitled to relief U/s. 91 in respect of tax paid in Bhutan on income earned in Bhutan Posted: 08 Jan 2013 09:09 PM PST The Assessing Officer has computed the income from Bhutan operations at Rs. 68,63,57,400/- and included the same in the total income of the assessee, then the relief u/s 91 of the I T Act is allowable @ 8.53% on the said income, which is subjected to tax in both the countries. Accordingly, we... Reassessment not justified if no failure by petitioner to disclose truly & fully all material facts Posted: 08 Jan 2013 09:05 PM PST We notice that in the return filed by the petitioner, in addition to claiming deduction of gross income of interest and dividend of Rs.1,81,27,606 under Section 80P(2)(d) of the Act, the petitioner further provided various details. For example, in the Annexure-VII to the return, such deduction... Revisionary power u/s. 263 can be exercised on matters never raised by AO during assessment Posted: 08 Jan 2013 08:53 PM PST There was no enquiry by the Assessing Officer on the issues raised by the CIT in his order u/s. 263 of the Act. The lack of enquiry or inadequate enquiry by the Assessing Officer could be very much reason for assuming jurisdiction u/s. 263 of the Act. Looted amount of Assessee recovered from Police after completion of Search operations cannot be taxed under block assessment Posted: 08 Jan 2013 08:49 PM PST Applying the ratio of the judgment in Chandra Prakash Agrawal (supra) to the present case, we find that the Tribunal did not commit any error in recording findings that since nothing was found in the search operations on 26.10.1995 and that though the warrant of authorisation under section 132A was... Penalty to be set aside if revenue accepts that Assessee is eligible for immunity u/s. 271(1)(c) although he is not eligible Posted: 08 Jan 2013 08:36 PM PST The assessee's claim for immunity under Explanation 5 to section 271(1)(c) as not maintainable for three reasons. Firstly, due to the inapplicability of the provision for the relevant years; the due date for filing the return under section 139(1) having expired or elapsed as on the date of... CBI raids premises of four Customs officials in bribery case Posted: 08 Jan 2013 08:22 PM PST CBI REGISTERS A CASE AGAINST FOUR OFFICIALS OF CUSTOMS & ONE DRI OFFICIAL IN AN ALLEGED BRIBERY CASE; CONDUCTS SEARCHES             The Central Bureau of Investigation has registered a case against four officials of the Customs Department & a Deputy Director, DRI; one Representative of a... S. 54F benefit available even on Value exceeding actual consideration due to deemed fiction U/s. 50C Posted: 08 Jan 2013 07:45 PM PST Raj Babbar v. ITO - Based on the factual matrix of the present case, where the assessee invested total full value consideration of Rs. 16,87,000/- (as per the SRO) in the residential house, which is one house only as it has only one kitchen, and these FVC is less than the invested amounts of... DGCEI in Chennai detects Tax Evasion of Rs.362.45 Crores Posted: 08 Jan 2013 06:39 PM PST During the current Financial Year 2012-13 (upto December 2012),The Directorate General Of Central Excise Intelligence, Chennai Zonal Unit has detected Central Excise duty & Service Tax evasion to the tune of Rs.362.45 Crores and has recovered an amount of Rs. 76.88 Crores on the spot... CBDT notifies undertaking of 'Ganesh Housing Corporation Ltd.' as an industrial park u/s. 80IA Posted: 08 Jan 2013 06:29 PM PST Notification No. 1/2013 Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961) [hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the...