Home Highlights July 2014 Year 2014 This

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1. Income deemed to accrue or arise in India - amount received by the assessee on account of Time Charter of its ship as “royalty‟ and taxing the same u/s 9(1)(vi) -...

2. Nature of rental income - Income from House Property or Business income - Deemed owner - assessee was entitled to have access to operate, manage and maintain the...

3. Computation of profit earned by non-resident from Shipping business u/s 44B - service tax collected by the assessee would form part and parcel of the aggregate amount as...

4. R&D expenses incurred for partnership firm - Since the assessee is holding 97.5% of share in the partnership firm, SPI it becomes the duty of the assessee to promote the...

5. Revision u/s 263 by CIT - rental income which had been shown as “Income from Business & Profession” rather than showing the same as “Income from House Property” - once...

6. Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous 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. Exemption on agricultural income - firm is not the owner of such agricultural land but the partners - assessee firm though not being the owner of the agricultural land...

9. Addition on account of cash deposit to the bank account of the assessee - assessee is consistently submitting that the assessee has two bank accounts in her name and the...

10. Correct head of taxability of interest income - business income or income from other sources - the assessee firm had availed overdraft facility from the bank against the...

11. Rental income received by the Assessee - owners of the property have allowed the assessee firm to create sub-tenancy with the regard to the premises - assessee is the...

12. Correct head of income - Income from leasing or letting out the properties in shopping-cum-entertainment Mall - “income from business” or “income from house property” -...

13. Income accrued in India - now when the assessee has been held as an agent of independent status, and the income of M/s Arc Line, Mauritius in the absence of any PE in...

14. Rectification u/s 254 - Sale of land - land in question were sold by the assessee in the capacity of power of attorney holder and AO has assessed the income in the hand...

15. Characterization of interest income from the partnership firm as business income - Presumptive income @8% u/s 44AD - Interest and salary received by the assessee from...