Home Highlights July 2013 Year 2013 This

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1. Disallowance on account of interest paid on delayed payment of TDS - as the tax deducted at source (TDS) is not in the nature of the income tax which is required to be...

2. Conversion of partly up equity shares into fully paid-up equity shares - the board of directors are well within the powers to make a call on the shareholders in respect...

3. Addition u/s 68 - unexplained share application money - It is not a case that the assessee had filed merely a confirmatory letters of share applicants but it is a case...

4. Addition on account of Excessive sugarcane price paid - Difference in price paid to members as well as non-members of Sahakari Sakhar Karkhana - The amount relatable to...

5. TDS U/s 194J - sharing of fees - payments made by the appellant to ITGK for its share in RS-CIT course fees - the act of sharing of revenue in a multi entity business...

6. If the assessee has consistently treated the shares investment account as her investment for long-term purposes and has not shifted the stock in investment account to...

7. Profit from sale of shares - LTCG or STCG - Benefit of Indexation - the STT is to be paid only if the shares were sold in the stock exchange and since the assessee has...

8. Unexplained credits u/s. 68 - Bogus LTCG - Penny stock purchases - Nothing on record to suggest that the shares were never with the assessee. On the contrary, the shares...

9. Addition u/s 43B - Method of accounting - unpaid statutory dues of service tax, Excise and PF by changing the method of accounting - The assessee followed the exclusive...

10. Additions u/s 2(22)(e) on account of deemed dividend - Accumulated profit - As per the provision of Explanation 2, all the profits of the company up to the date of...

11. TDS u/s 194J - payment to distributors on revenue sharing basis - neither fee for professional or technical services nor royalty - TDS not deductible - no disallowance...

12. Additions on account of professional fees paid to a member of the assessee Association of Person [AOP] - the impugned payment were mere appropriation of profits and...

13. Tax free payments - TDS liability born by the assessee - the TDS, as exigible on payments, is grossed up, and payment made accordingly - deduction on account of tax...

14. Payment of interest on share application money - Nature of expenditure - the assessee with an object to increase share capital has incurred expenses in the form of...

15. Disallowance on account of remuneration paid to partners of the firm - The partnership deed has specified that the amount of remuneration allowable u/s 40(b)(v) would be...