Home Highlights July 2014 Year 2014 This

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1. Additions u/s 68 - income from un-disclosed sources - Agriculture Income or not - exemption of income u/s 10(1) read with Section 2(1A) denied - onus to prove - The...

2. 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...

3. Disallowance of exemption claimed u/s 54EC - non filling ROI - investment made in REC - assessee has neither filed return of income u/s 139(1) of the Act, nor in...

4. Exemption u/s 11 - claiming benefit of accumulation u/s 11(2) over deemed income u/s 11(3) - non application of income - the assessee should not be eligible to claim...

5. Denial of claim of deduction u/s 80IA on interest and other income - H various higher judicial authorities have held that profits of the business of the undertaking...

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

7. Benefit of accumulation of income u/s.11(2) - denial of claim on non-submission of Form No.10 along with return of income - In this case, the assessee claims that...

8. Disallowance of claim u/s 80IA - return of income was not filled as per provisions of section 139(1) - Since the assessee has made substantial compliance to claim the...

9. Deduction u/s 80IA - treating the assessee-company as a ‘Contractor’ and not ‘Developer’ by the Department - merely because in the agreement for development of...

10. Addition on account of expenses claimed against income received from the BCCI - Since the assessee himself has claimed certain income earned from other sources and...

11. Deduction u/s 80IA - merely because in the agreement for development of infrastructure facility, assessee is referred to as contractor or because if some basic...

12. Deduction u/s 10A/ 10AA - The whole contention raised by the assessee was with respect to only the interest income and there was no details furnished of the...

13. Correct head of income - the major source of income for the assessee is rental income. The assessee obtained long-term lease of the property and sub-leased the same in a...

14. Entitled to deduction u/s 80IA (4)(iii) on rental income - where the main business of the company is to earn rental income as its business income, the income would be...

15. Deduction u/s. 80IA - eligibility of rental income - the rental income derived by the assessee from Cargo Agents, Airlines, Banks etc., is derived from the cargo...