Home Highlights September 2013 Year 2013 This

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1. Tax Audit u/s 44AB - Penalty u/s 271B - Failure to get account Audited - Determination of turnover of the Business and Profession - Appellant is a Gynecologist and also...

2. Income from discontinued business - income of interest received on advances - in view of the provision of Sec. 176(3A) it is clear that the interest income on advances...

3. Non Reconciliation of professional fee received with TDS certificates - There may be so many reasons such as low deduction of tax, non-deduction of tax, deduction on...

4. Nature of receipt - additions towards receipt of Corpus Fund - additions on account of Corpus contribution received by the appellant being a Trust - held as capital...

5. Reopening of assessment - Validity of order u/s 147 r.w.s 144 - Faceless assessment u/s 144B - No doubt there is a failure on the part of the petitioner to have complied...

6. Disallowance of payment of professional fee to the directors - allegation of paying excessive remuneration to the directors - services provided by the directors towards...

7. Unaccounted professional charges received in cash - Addition u/s 28 - AO is completely erred in making addition towards difference amount of professional charges on the...

8. Salary receipt OR professional receipt - B.Tech professional provides coaching services to an Institute, which provides coaching for preparation of IIT entrance test. He...

9. On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled...

10. Treatment to be given to the entrance fee received by the assessee from Life Members - AO was wrong in splitting the fee received from life members into capital and...

11. Addition made on account of unaccounted cash receipts – Sale of car parking area - Without any evidence in the year for receipt of on-money the addition cannot be sustained - AT

12. Exemption from GST - It is clear that the applicant is only acting as a liaison agent between the health care professionals on one side and their professional...

13. Receipt of non-competitive fee - non-compete fee payable under the Deed of Covenant - capital receipt or revenue receipt - the matter was pertaining to the period which...

14. Non-payment of professional fee/retainership fee bills of empanelled lawyers - The fact that the Petitioner was forced to approach this Court is extremely unfortunate....

15. Addition on account of Suspense Account Treating it as income u/s 28(iv) - Income u/s 28(iv) on account of benefit can be assessed to tax only on receipt basis - the...