Home Highlights January 2014 Year 2014 This

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1. Income from air conditioning and other charges has to be assessed as income from other sources - while computing the income from other sources the assessee will be...

2. Correct head of income - sub-leasing of already leased out property - maintenance charges and air conditioning hire charges - Service charges received from tenants are...

3. Amenity charges received - taxable under the head ‘Income from other sources’ OR ‘Income from house property’ declared by the assessee - CIT(A) was right in confirming...

4. Unexplained investments u/s 69- Tribunal deleted the addition - The term assessed being flexible, it bears very comprehensive meaning. Therefore, under Section 158BB of...

5. Income from house property or income from other sources - receipt of compensation for non-occupancy - when any receipt falls under a specific Head, but the same cannot...

6. Revision u/s 263 - When the provision contained under Section 92CA(4) of the Act makes it mandatory upon the Assessing Officer to compute the total income of the...

7. Correct head of income - rental income - Maintenance charges claimed by the assessee can only be treated as separate source of income and it can be charged as a separate...

8. Prize money winning out of unsold lottery tickets - business income OR income from other sources - A.O. treated this income separately and assessed the income as income...

9. Penalty u/s 271(1)(c) - The Appellate Tribunal observed that the appellant, during reassessment proceedings, had filed their return of income but failed to provide...

10. TDS u/s 195 - Usance charges were paid or were payable to a non resident supplier - Since in the present case, the assesses imported the raw material for its consumption...

11. Income from undisclosed sources - addition of agricultural income - Assessment of agricultural income declared by the assessee for various assessment years was...

12. Reopening of assessment u/s 147 - Income from other sources or business income - The impugned reopening itself is not sustainable in the light of the alleged twin...

13. Income from other source OR Capital gain - Correct head of income - relinquishing the right acquired under the Agreement by the Assessee - income from relinquishing...

14. Income form house property - can assessed income be lower than returned income - AO is bound to compute the tax payable by the assessee on the income computed by him...

15. Categorization of income - Undisclosed income surrendered during survey - Charging of tax rate u/s. 115BBE - CIT(A) granted relief to the assessee by charging income at...