Home Highlights July 2013 Year 2013 This

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1. Deemed Income / accrual of income - income on account of retention money - the right to receive the retention money is accrued only after the obligations under the...

2. Accrual of income towards retention money - the assessee had no right to claim any part of the retention money till the verification of satisfactory execution of the...

3. Accrual of income in current AY - duty drawback and service tax refund - the income would be receivable only when the income accrues to the assessee and income would...

4. Income deemed to accrue or arise in India - interest income - In these years, the interest income has accrued on the deposits kept by the assessees in HSBC bank, Geneva...

5. Accrual of income - retention money - When the assessee had no right to receive the money by virtue of the contract between the parties and the assessee also had no...

6. Income accrued in India - interest income on loans in the form of suppliers credit given to Indian parties - As alleged that the Indian parties from whom the assessee...

7. Taxation of retention money not accrued during the year - Accrual of income - as per AO addition has been rightly made during the course of assessment as well as in...

8. Right to receive the retention money is accrued only after the obligations under the contract are fulfilled and the assessee had no vested right to receive the same in...

9. Income accrues or arises or deemed to accrue or arise in India - Unexplained foreign income - residential status of the assessee - The Tribunal upheld the CIT(A)'s...

10. Nature of income - salary income or busniss income - the assessee has only Business Income and not Salary Income, hence, the professional contracts carried on by...

11. Undisclosed income - entry in the seized material wherein "P-money" was written - Assessing Officer is of the view that "P-money" stands for pocket money and treated it...

12. Amount received after deducting retention money and revenue was recognized accordingly - TDS was deducted including retention money - Addition on the basis of TDS...

13. Accrual of income - the right to receive retention money accrues only after the obligations under the contract are fulfilled. Therefore, it will not amount to income in...

14. Addition on account of cash found short u/s 68 and also holding that the same to be taxed u/s 115BBE - Cash short, at the most represents expenses / outgoings out of...

15. Income accrue or arise in India - Revenue from playing of the matches in India - DTAA - Payments made to the Non- Resident Sports Associations in the present case...