Saturday, November 5, 2011

Some cases

Where Assessing Officer failed to consider and analyse an issue but same was noticed by Commissioner as being erroneous and prejudicial to interest of revenue, Tribunal could not allow appeal in assessee's favour without examining matter - [2011] 15 taxmann 40 (Punjab and Haryana)

Addition made in respect of investment in property on basis of uncontroverted evidence of seller, is just - [2011] 15 taxmann 35 (Kerala)

If no surrender/disclosure is made at time of search and seizure, but thereafter by making statement during assessment proceedings, benefit of Explanation 5 to section 271(1)(c) will not be available to assessee - [2011] 15 taxmann 34 (Punjab and Haryana)

Transfer Pricing : Most important step when resale method is adopted for determining arm's length price of purchases from associated enterprises is reduction of gross profit margin from resale price - [2011] 15 taxmann 37 (Chennai - Trib.)

Residential status of assessee where assessee was employed for 158 days in ship in foreign water - [2011] 15 taxmann 36 (Pune - Trib.)

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