Home Highlights July 2014 Year 2014 This

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1. Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

2. 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...

3. Correct head of income - lease rent received by the assessee - Business of assessee taken over by the another Company as was running as JV - assessed under the head...

4. Income from license fees - income under the head ‘Income from other sources’ OR 'business income' - AT

5. Set off of the brought forward losses against the income from other sources - Ld. CIT (A) has rightly decided that, “although interest income has been shown as income...

6. 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...

7. Set off of brought forward business loss against income from other sources - As provision of section 72 are very clear that brought forward business loss can only be set...

8. Reassessment u/s 147 - Classification of head of Income – Income to be assessed under the head of ‘Income from House property’ or ‘Income from the business’ - reopening...

9. Interest income - Correct head of income - income from other sources OR income from business - if interest income earned by the assessee is not incidental to the...

10. Applicability of higher rate of tax as per section 115BBE - income declared during the course of survey proceedings - Admittedly, the assessee had offered such...

11. Income declared in the survey carried out u/s 133A - Disallowance of salary to partners claimed u/s.40(b) - We are confronted with a situation, in which both the source...

12. Income from hoarding whether income from business or income from other sources - income of Municipal Corporation - taxable as income from other sources and exempt u/s 10(20) - HC

13. Addition u/s. 69A - income surrendered during survey - undisclosed business income or income from other sources - What has been found during survey is excess stock of...

14. Income from other sources or Business income - Search u/s 132(4) - cash was found from the residential and business premises of the assessee - held as business income - AT

15. Whether in real estate business tripartite sale on basis of MOU is business income or income from other source - held as business income - AT