Home Highlights July 2014 Year 2014 This

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1. Assessment of income - receipt basis or accrual basis - income received in advance in the nature of interest income on discounting of bills against letter of credit - if...

2. De-recognized interest on accrual basis on Non-Performing assets (NPA) - interest income from NPAs should be recognised only on actual receipt. - AT

3. Accrual of income - method of accounting to recognize the revenue - Addition made for excess interest spread ('EIS') income earned on assignment of receivables - AO has...

4. Accrual of interest income - Assessee claims that no real income accrued to the company and merely as the assessee is following mercantile system of accounting it does...

5. Accrual of interest income - Commercial decision was taken by the appellant-assessee not to charge interest from these two borrowers as the assessee wanted to ensure...

6. Income accrued in India - interest income on loans in the form of suppliers credit given to Indian parties - As alleged that the Indian parties from whom the assessee...

7. Accrual of income - addition on account of accrued interest on NPA account as income - the assessee had adequately established that the interest received during the year...

8. Accrual of income - Taxability of income - interest income generated on the funds received from Gol - ownership of Interest earned - Since the entire amounts received as...

9. Income from the nature of interest received by the assessee in DRDO/ISRO accounts (for short ‘FD A/cs’) - the assessee, DRDO/ISRO are either Government Departments or...

10. Amount outstanding from the trade debtors - non-charging of interest on the debtors - Assessee had not received any interest then we fail to understand as to how the...

11. Income deemed to accrue or arise in India - interest income - In these years, the interest income has accrued on the deposits kept by the assessees in HSBC bank, Geneva...

12. Income recognition - No doubt, the Income-tax Act takes into account two points of time at which the liability to tax is attracted, viz., the accrual of the income or...

13. Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

14. 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...

15. Accrual of income – claim of credit for the tax deducted (TDS) does not make the assessee “bound” to pay tax on the receipts, unless such receipts constitute income in...