Home Highlights January 2014 Year 2014 This

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1. Correct head of income - interest received under Section 28 of the Land Acquisition Act, 1894 - part take the character of the compensation and would fall under the head...

2. Correct head of income - Lease rent received - to be treated as business income or as income from other sources - There was no attempt to exploit the commercial assets...

3. Correct head of income - compensation received for vacating the flat - While the assessee argued for capital gain treatment, the Revenue contended it should be...

4. Capital gain computation or Income from other sources - compensation received by the assessee on extinguishment of his right in property - transfer of asset u/s 2(47) -...

5. Interest income from temporary advancement of funds - interest received by the assessee cannot be treated as income from business and it has to be treated as income...

6. Nature of income - Income from other sources - interest income received u/s. 28 of Land Acquisition Act, 1984 as taxable u/s 56(2)(viii) r.w.s. 145A(b) - Scope of...

7. Grant received from holding company as capital receipt - AO has not specifically invoked section 56(2). The dubious method adopted by the assessee of claiming the...

8. Characterization of receipt - interest received by the assessee u/s 28 and 34 of the Land Acquisition Act, 1894 - The Delhi High Court, in a case concerning the...

9. Treating the interest income as 'income from other sources' - CIT(A) in his order has observed that the assessee submitted profit and loss account and balance sheet only...

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

11. Income on account of interest treated as income from other sources – Disallowance of remuneration to partners from interest income - deduction allowed considering as...

12. Additions as interest income - compensation received by the assessee - As the business of assessee was set up and had started and there was huge investment made by...

13. Disallowance of partners’ salary from undisclosed income - deduction allowed - AT

14. Nature of income - Award received as settlement through an arbitration award - Amount received for withdrawal of cases against the erstwhile partners and partnership...

15. Interest received by the assessee u/s. 28 of the Land Acquisition Act, 1984 - it is palpable that post the decision in Ghanshyam, a statutory amendment has been carried...