Home Highlights February 2014 Year 2014 This

You may also like:

1. Non-compete fees paid - non-compete fee paid by the assessee did not create any capital assets, the same was revenue in nature- AT

2. Rs 10000 crore of tax fee bonds for power sector

3. Penalty u/s 271B - no tax audit conducted u/s 44AB - bonafide belief - When Gross profit is more than Rs.4 crores, it means the Gross Receipts were definitely more than...

4. Capital gains v/s business income - The assessee did not hold the capital asset. He did not transfer the capital asset, he only facilitated the transfer of capital...

5. Direct tax collections for FY 2023-24 as of 17.06.2023 show net collections of Rs. 3,79,760 crore, a growth of 11.18% compared to the preceding year. - Gross collections...

6. Nature of expenses - apportioning the licence fee as partly revenue and partly capital - variable licence fee paid by the assessees under the New Telecom Policy, 1999 -...

7. Taxability of capital gain arising from sale of property - The assessee had acquired a right to get a particular flat from the builder and that right of the assessee...

8. Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

9. TP Adjustment - comparable selection - upper turnover filter - The assessee submits that the turnover of the assessee is only Rs. 124 Crores during the relevant previous...

10. Refund of amount deposited during Investigation - Payment was voluntary or under Coercion / Threat - The payment of Rs.2.5 Crores is supported by the letter of the...

11. Upfront payment of processing fee on the loan - revenue expenditure u/s 37 or capital expenditure - merely because the loan processing charges though paid upfront but...

12. Taxability of capital gain in firm - revaluation of asset being land held by the partnership firm - money equivalent paid to retiring partners to enhanced portion of the...

13. Accrual of income - Difference between the receipts as per books and form No.26AS - Assessee has shown turnover of Rs.10.09 crores, declaring GP at 9.16% and Net Profit...

14. TDS u/s 195 - TDS on overseas payment - Annual Payment made to the international boards through affiliation with IBO, Cambridge etc. under the head authorization fee,...

15. Deduction u/s 54EC - LTCT or STCG - Investment of consideration against sale of depreciable assets - Section 50 cannot convert long term capital assets into short term...